WOODBRIDGE, NJ - Northfield Bancorp, Inc. (NASDAQ:NFBK) has reported a significant purchase of shares by director Ryan Patrick Louis, according to the company's latest SEC filing. On June 10, 2024, Louis acquired 10,000 shares of common stock at an average price of $7.533 per share, totaling approximately $75,330.
The transaction was executed at prices ranging from $7.48 to $7.54. This purchase has increased Louis's direct holdings in the company significantly, demonstrating a strong vote of confidence in the financial institution's future prospects.
Northfield Bancorp, Inc., a federally chartered savings institution, is known for its community-focused banking services. With this latest transaction, investors may take note of the director's growing stake in the company. As of the date of the transaction, Louis's direct and indirect holdings through various trusts and family accounts have shown a commitment to the company's growth and stability.
The detailed SEC filing provides transparency into the director's transactions and holdings, which is a valuable indicator for shareholders assessing the confidence that company insiders have in their own firm's financial health and trajectory.
Investors and shareholders of Northfield Bancorp, Inc. can obtain further information regarding the specifics of the transaction upon request, as indicated in the footnote of the SEC Form 4 filing.
In other recent news, financial firm Piper Sandler has adjusted its price target for Northfield Bancorp shares, lowering it to $11.00 from its previous target of $13.00. This change follows Northfield Bancorp's first quarter earnings report for 2024, which showed earnings per share (EPS) of $0.15, in line with consensus estimates but a cent short of Piper Sandler's projection. The report also revealed that the bank's expenses exceeded projections by $0.02, with net interest income (NII) falling a penny short of expectations.
However, these increased expenses were partially offset by a reduction in provisions for the quarter. Northfield Bancorp also completed its previous share repurchase program, buying back 253,000 shares at an average cost of $12.17 per share. In tandem with the earnings announcement, the bank announced a new share repurchase authorization of $5 million, equivalent to approximately 1.3% of the company's outstanding shares.
These recent developments, including the completion of the repurchase program and the announcement of a new one, were significant aspects of Northfield Bancorp's financial activities for the first quarter. The revised price target reflects Piper Sandler's analysis of these activities and the company's ongoing strategies.
InvestingPro Insights
In light of the recent insider share purchases at Northfield Bancorp, Inc. (NASDAQ:NFBK), a deeper look into the company's financials and market sentiment reveals additional insights. An InvestingPro Tip highlights that management has been aggressively buying back shares, which can be a signal of the company's belief in its undervalued status and a commitment to enhance shareholder value.
Furthermore, the company's P/E Ratio stands at a modest 10.21, which may indicate that the stock is reasonably valued compared to earnings. With a dividend yield of 6.92%, Northfield Bancorp stands out as a potentially attractive option for income-seeking investors, especially considering that it has maintained dividend payments for 17 consecutive years.
However, it's important to note that revenue has seen a decline over the last twelve months by 20.06%, and the company has experienced a significant price drop, with a 1 Month Price Total Return of -20.14%. Despite these challenges, the current price is at 56.53% of its 52-week high, which could suggest a window of opportunity for investors who believe in the company's fundamentals and long-term strategy.
For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available, including insights on the stock being in oversold territory according to the RSI and predictions on company profitability. To access these tips and more, visit https://www.investing.com/pro/NFBK and consider subscribing for in-depth data and analysis. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 12 additional InvestingPro Tips listed for Northfield Bancorp, Inc. that could further guide investment decisions.
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