Blue Foundry Bancorp director sells $37,782 in stock

Blue Foundry Bancorp (NASDAQ:BLFY) Director Robert Thomas Goldstein has sold a total of 3,500 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on August 28, 2024, was executed at an average price of $10.795 per share, amounting to a total value of $37,782.

The sale by Goldstein has adjusted his direct holdings in the company to 39,283 shares, which includes shares of restricted stock. These restricted shares are set to vest at a rate of 20% per year starting from August 26, 2023. Additionally, Goldstein holds indirect ownership through a 401(k) plan and an IRA, with 27,887 and 8,500 shares respectively.

Investors may also find it noteworthy that Goldstein has stock options for 106,959 shares of Blue Foundry Bancorp’s common stock. These options are scheduled to vest incrementally at the same rate of 20% per year from August 26, 2023, and are exercisable at a price of $11.54 per share.

Blue Foundry Bancorp, with its headquarters located at 19 Park Avenue, Rutherford, NJ, operates as a savings institution not federally chartered and is known under the trading symbol BLFY on the NASDAQ stock exchange.

The transactions detailed in the SEC filing present a snapshot of insider activity that can offer insights into the confidence level of company executives and directors in the firm's prospects. However, it is important for investors to consider a range of factors when evaluating the significance of insider transactions within the broader context of market and company performance.

In other recent news, Blue Foundry Bancorp reported a mixed performance in its Q2 financial results, with both growth and challenges. Despite experiencing a net loss of $2.3 million, the company saw growth in its commercial and consumer deposits by 9% and 6% respectively, allowing for a 4% reduction in reliance on wholesale deposits. This growth was accompanied by an expansion of the company's net interest margin.

Piper Sandler, in response to these developments, adjusted its stock price target for Blue Foundry Bancorp, increasing it to $12.00 from the previous $9.50. The adjustment came after the company reported a Q2 loss per share of $0.11, which was more favorable than the anticipated $0.19 loss by analysts.

The company's net interest margin (NIM) expanded, resulting in a $0.02 net interest income outperformance. Blue Foundry Bancorp also repurchased approximately 2% of the outstanding shares, contributing to a 2.5% annualized increase in the tangible book value per share. The bank's capital position remains robust, with a tangible common equity (TCE) ratio of 16.9%. These are recent developments in the company's financial landscape.

InvestingPro Insights

As investors digest the recent insider activity at Blue Foundry Bancorp (NASDAQ:BLFY), it's valuable to consider the broader financial context provided by InvestingPro. The company's market capitalization stands at $233.05 million, reflecting its size within the industry. Despite a challenging period, Blue Foundry Bancorp has demonstrated resilience with a strong return over the last three months, boasting a 21.05% price total return in that timeframe. This performance is a silver lining for investors looking for growth potential.

One of the InvestingPro Tips highlights that management has been aggressively buying back shares, which often signals confidence in the company’s future and can be a positive indicator for investors. However, it's also important to note that analysts do not anticipate the company will be profitable this year, and net income is expected to drop. This aligns with the company's current negative P/E ratio of -26.24, suggesting that profitability remains a challenge.

Despite these hurdles, two analysts have revised their earnings upwards for the upcoming period, indicating a potential shift in the company's trajectory that could be worth monitoring. For those seeking a deeper dive into Blue Foundry Bancorp's financials, InvestingPro offers additional insights, with a total of 7 InvestingPro Tips available to users who explore the full suite of analytics at https://www.investing.com/pro/BLFY.

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