Insider Buying: EVP, Corporate Treasurer Jeffrey Maddigan Acquires 9600 Shares of Northwest ...
In a recent development, Jeffrey Maddigan, the Executive Vice President and Corporate Treasurer of Northwest Bancshares Inc (NASDAQ:NWBI), purchased 9600 shares of the company on September 13, 2023. This move by the insider has sparked interest among investors and market watchers, prompting a closer look at the company's performance and prospects.
Northwest Bancshares Inc is a stock savings bank and community-oriented financial institution offering traditional deposit and loan products. The company operates through two segments: Community Banking and Consumer Finance. It primarily serves the Pennsylvania, Ohio, Maryland, and New York markets.
Jeffrey Maddigan, the insider who made the recent purchase, has been with Northwest Bancshares Inc for several years, serving in various capacities. His current role as the Executive Vice President and Corporate Treasurer places him in a strategic position within the company, giving him a unique perspective on the company's operations and financial health.
Over the past year, the insider has purchased a total of 9600 shares and has not sold any shares. This suggests a strong belief in the company's potential and a commitment to its growth.
The insider transaction history for Northwest Bancshares Inc shows a total of 12 insider buys over the past year, compared to 11 insider sells. This trend indicates a positive sentiment among the company's insiders, which could be a bullish signal for investors.
On the day of the insider's recent buy, shares of Northwest Bancshares Inc were trading at $10.47, giving the company a market cap of $1.384 billion. The price-earnings ratio stood at 10.08, higher than the industry median of 8.29 but lower than the company's historical median price-earnings ratio.
According to the GuruFocus Value, which is an intrinsic value estimate based on historical multiples, a GuruFocus adjustment factor, and future business performance estimates, Northwest Bancshares Inc is modestly undervalued. With a price of $10.47 and a GuruFocus Value of $14.35, the stock has a price-to-GF-Value ratio of 0.73.
In conclusion, the recent insider buying activity at Northwest Bancshares Inc, coupled with the company's valuation and performance metrics, presents an interesting opportunity for investors. The insider's purchase could be a positive signal about the company's future prospects. However, as always, potential investors should conduct their own due diligence before making investment decisions.
This article first appeared on GuruFocus.
