Northwest Bancshares, Inc. (NASDAQ:NWBI) executive Devin T. Cygnar, who serves as the company's Executive Vice President and Chief Marketing/Communications Officer, has sold a total of 451 shares of the company's common stock. The transaction took place on May 31, 2024, with the shares being sold at a price of $10.9358 each, totaling over $4,932.
This recent transaction has adjusted Cygnar's direct holdings in Northwest Bancshares to 11,372 shares. Additionally, Cygnar maintains indirect ownership through an Individual Retirement Account (IRA) with 13,692.1279 shares and a 401-K account with 6,149.1944 shares. It's worth noting that the shares in the 401-K account reflect transactions that are not required to be reported under Section 16 of the Securities Exchange Act of 1934, as indicated by a footnote in the SEC filing.
Investors often monitor insider transactions as they can provide insights into executive confidence in the company's performance and future. Devin T. Cygnar's recent sale may be of interest to Northwest Bancshares' shareholders and potential investors, as it represents a change in an insider's stake in the company.
The sale was formally filed with the Securities and Exchange Commission on June 3, 2024, and the details of the transaction are publicly accessible through the SEC's database. It is common for executives to buy or sell shares in their own companies, and such transactions are required to be disclosed in accordance with federal securities laws to ensure transparency.
Northwest Bancshares, Inc., headquartered in Warren, Pennsylvania, operates as a bank holding company for Northwest Bank that provides various personal and business banking solutions. The company's stock is traded on the NASDAQ under the ticker symbol NWBI.
InvestingPro Insights
As Northwest Bancshares, Inc. (NASDAQ:NWBI) experiences insider transactions, investors should consider the company's financial health and performance metrics to gain a comprehensive understanding of its current position. According to InvestingPro data, Northwest Bancshares has a market capitalization of approximately $1.38 billion and a Price to Earnings (P/E) ratio of 10.53, which adjusts slightly to 10.3 when looking at the last twelve months as of Q1 2024. This P/E ratio suggests the stock might be valued reasonably in relation to the company's earnings.
Despite a modest revenue growth of 0.88% over the last twelve months as of Q1 2024, the company has faced a quarterly revenue decline of 2.79% in Q1 2024. However, with a high Operating Income Margin of 35.8% in the same period, the company demonstrates strong profitability in its operations.
Investors should note that Northwest Bancshares has a notable dividend yield of 7.31% as of May 2024, which reflects the company's commitment to returning value to shareholders—a practice it has maintained for 30 consecutive years. This is underscored by one of the InvestingPro Tips, which highlights the significance of the dividend payments to shareholders. On the other hand, another InvestingPro Tip points out that the company suffers from weak gross profit margins, which could be a concern for investors focusing on the company's profitability metrics.
For those interested in further analysis and additional insights, there are more InvestingPro Tips available, offering a deeper dive into Northwest Bancshares' financial outlook. Access these tips at: https://www.investing.com/pro/NWBI and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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