Northpointe Bancshares (NYSE:NPB) Cut to “Strong Sell” at Zacks Research

Northpointe Bancshares (NYSE:NPB) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on NPB. Weiss Ratings reiterated a “sell (d)” rating on shares of Northpointe Bancshares in a research note on Friday, May 29th. Brean Capital began coverage on Northpointe Bancshares in a report on Wednesday, April 22nd. They issued a “neutral” rating and a $20.25 price target for the company. Keefe, Bruyette & Woods reduced their price objective on Northpointe Bancshares from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Finally, Piper Sandler lifted their price objective on Northpointe Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.62.

Northpointe Bancshares Price Performance

NYSE:NPB opened at $17.32 on Tuesday. The company has a debt-to-equity ratio of 2.96, a current ratio of 1.44 and a quick ratio of 1.38. Northpointe Bancshares has a one year low of $14.27 and a one year high of $19.71. The company has a fifty day moving average price of $18.03 and a 200 day moving average price of $17.82. The stock has a market cap of $599.10 million and a P/E ratio of 7.50.

Northpointe Bancshares (NYSE:NPB) last posted its quarterly earnings results on Tuesday, July 21st. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.08). Northpointe Bancshares had a return on equity of 15.10% and a net margin of 17.72%.The company had revenue of $64.32 million during the quarter. Analysts anticipate that Northpointe Bancshares will post 2.63 earnings per share for the current year.

Insider Transactions at Northpointe Bancshares

In other Northpointe Bancshares news, CEO Charles Alan Williams purchased 25,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was purchased at an average price of $17.21 per share, for a total transaction of $430,250.00. Following the completion of the purchase, the chief executive officer directly owned 2,312,650 shares in the company, valued at approximately $39,800,706.50. This trade represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Stevens Hooker sold 7,500 shares of Northpointe Bancshares stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $19.30, for a total value of $144,750.00. Following the sale, the director directly owned 10,500 shares in the company, valued at $202,650. The trade was a 41.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,500 shares of company stock worth $410,141. 18.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northpointe Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. boosted its stake in Northpointe Bancshares by 122.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,694,728 shares of the company’s stock valued at $23,235,000 after buying an additional 931,240 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in Northpointe Bancshares during the first quarter worth $9,908,000. Vanguard Group Inc. raised its stake in Northpointe Bancshares by 84.1% during the third quarter. Vanguard Group Inc. now owns 1,063,156 shares of the company’s stock worth $18,159,000 after acquiring an additional 485,525 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Northpointe Bancshares by 462.4% during the third quarter. Millennium Management LLC now owns 373,891 shares of the company’s stock valued at $6,386,000 after acquiring an additional 307,409 shares during the period. Finally, Mendon Capital Advisors Corp lifted its holdings in shares of Northpointe Bancshares by 86.4% during the first quarter. Mendon Capital Advisors Corp now owns 308,624 shares of the company’s stock valued at $5,327,000 after acquiring an additional 143,010 shares during the period.

Northpointe Bancshares Company Profile

Northpointe Bancshares, Inc is the bank holding company for Northpointe Bank, an FDIC-insured community bank based in Michigan. The company offers a full range of commercial and consumer banking solutions, serving retail, small business and corporate clients through both a physical branch network and digital platforms.

Northpointe Bank’s product suite includes interest-bearing checking and savings accounts, money market and certificate of deposit offerings, as well as residential mortgage lending, home equity financing and unsecured consumer loans.