Short Interest in Northpointe Bancshares, Inc. (NYSE:NPB) Declines By 35.1%

Northpointe Bancshares, Inc. (NYSE:NPB) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 325,523 shares, a decline of 35.1% from the June 15th total of 501,200 shares. Based on an average daily volume of 265,465 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.2% of the company’s stock are short sold.

Analyst Ratings Changes

NPB has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Northpointe Bancshares in a research note on Friday, May 29th. Piper Sandler raised their target price on shares of Northpointe Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, July 2nd. Finally, Brean Capital started coverage on shares of Northpointe Bancshares in a research report on Wednesday, April 22nd. They issued a “neutral” rating and a $20.25 target price for the company. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.50.

Northpointe Bancshares Stock Performance

NYSE:NPB traded down $0.38 on Friday, hitting $18.78. The stock had a trading volume of 28,395 shares, compared to its average volume of 236,601. The business’s 50-day simple moving average is $17.95 and its two-hundred day simple moving average is $17.78. The stock has a market cap of $649.41 million and a price-to-earnings ratio of 8.46. Northpointe Bancshares has a 52-week low of $14.11 and a 52-week high of $19.71. The company has a quick ratio of 1.38, a current ratio of 1.44 and a debt-to-equity ratio of 2.96.

Northpointe Bancshares (NYSE:NPB) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.04). Northpointe Bancshares had a net margin of 17.92% and a return on equity of 14.80%. The business had revenue of $63.42 million for the quarter. As a group, research analysts predict that Northpointe Bancshares will post 2.72 earnings per share for the current year.

Northpointe Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 4th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Northpointe Bancshares’s dividend payout ratio is currently 4.50%.

Insiders Place Their Bets

In related news, Director David Stevens Hooker sold 7,500 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $17.82, for a total transaction of $133,650.00. Following the sale, the director directly owned 11,500 shares of the company’s stock, valued at $204,930. This trade represents a 39.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Alan Williams acquired 25,000 shares of Northpointe Bancshares stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $17.21 per share, with a total value of $430,250.00. Following the completion of the acquisition, the chief executive officer directly owned 2,312,650 shares in the company, valued at $39,800,706.50. This represents a 1.09% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 22,500 shares of company stock worth $410,141. Corporate insiders own 18.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Segall Bryant & Hamill LLC bought a new stake in shares of Northpointe Bancshares during the 1st quarter valued at $1,515,000. Bank of America Corp DE raised its holdings in Northpointe Bancshares by 126.9% in the 1st quarter. Bank of America Corp DE now owns 215,544 shares of the company’s stock worth $3,720,000 after purchasing an additional 120,554 shares during the period. Mendon Capital Advisors Corp lifted its position in 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 purchasing an additional 143,010 shares in the last quarter. Pale Fire Capital SE purchased a new position in Northpointe Bancshares during the first quarter valued at $177,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Northpointe Bancshares during the first quarter valued at about $172,000.

About Northpointe Bancshares

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.