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Northwest Bank, a subsidiary of Northwest Bancshares (NWBI), inked a deal to sell its insurance business offered through Northwest Insurance Services to USI Insurance Services (USI), one of the largest insurance brokerage and consulting firms globally. The financial terms of the deal were not disclosed.
Northwest Insurance Services, a wholly-owned subsidiary of Northwest Bank, offers property and casualty, life, disability, and long-term care insurance, along with group health, life and disability employee benefits.
Northwest Bank CEO Ron Seiffert commented, “We are very pleased to have reached a definitive agreement with USI. USI is a well-managed, national provider who combines industry-leading capabilities delivered through longstanding, passionate and committed local service teams. We share very similar experience philosophies and see this as an exciting partnership for our insurance associates and clients.”
The deal is likely to close in the second quarter of 2021. (See Northwest Bancshares stock analysis on TipRanks)
On March 22, Raymond James analyst Daniel Tamayo maintained a Hold rating.
Tamayo believes “NWBI shares are fairly valued in line with peers on a P/TBV basis due to its history of strong credit quality and solid profitability metrics.”
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 1 Buy versus 1 Hold. The average analyst price target of $16 implies 10.1% upside potential to current levels. Shares have increased 48.9% over the past six months.
Based on eight unique factors, Northwest Bancshares scores a Smart Score of 9 (out of 10), which implies that the stock is expected to outperform the market moving forward.
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