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Norwood Financial initiated with a Neutral at Piper Sandler
The Fly

Norwood Financial initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of Norwood Financial (NWFL) with a Neutral rating and $28 price target The firm believes the premium valuation for Norwood Financial is justified given what it expects will be a better profitability profile than peers with a modeled return to a 1%-plus ROA in 2025 following the announced balance sheet restructuring. As of Q3, the peer median on ROA is 80 bps. Though Piper’s 2026 bottom-line growth expectations lag the current group, it comes on top of much stronger growth for Norwood Financial in 2025. Overall, the firm thinks both Norwood Financial and peers have a similar normalized organic growth profile in the high-single-digit range.

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