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WOODBRIDGE, NJ—Frank P. Patafio, a director at Northfield Bancorp, Inc. (NASDAQ:NFBK), recently sold 5,000 shares of the company’s common stock. The shares were sold at a weighted average price of approximately $10.13 to $10.14 per share. This transaction amounts to a total value of $50,664. The stock currently trades at $10.55, with a market capitalization of $450 million. According to InvestingPro, the company offers a notable 4.93% dividend yield and has maintained dividend payments for 18 consecutive years.
Following this sale, Patafio holds 147,938 shares directly. Additionally, he maintains an indirect ownership of 119,424 shares through his spouse. Trading at a P/E ratio of 13.65, InvestingPro analysis suggests the stock is currently trading below its Fair Value.
In addition to his direct and indirect holdings, Patafio also has derivative holdings in the form of stock options, with an exercise price of $14.76, set to expire on May 27, 2025. These options cover 32,000 shares of Northfield Bancorp’s common stock. Get access to more detailed insider trading analysis and additional ProTips with InvestingPro.
In other recent news, Northfield Bancorp has announced a $5 million stock repurchase program, approved by its Board of Directors. This initiative is set to begin on March 3, 2025, and will be conducted under a Rule 10b5-1 trading plan. The company has not committed to repurchasing a specific number of shares, and the program can be adjusted based on market conditions and the company’s financial performance. Additionally, DA Davidson recently maintained a Neutral rating for Northfield Bancorp while adjusting its price target to $13.00, down from $14.00. The firm highlighted the company’s positive pre-provision net revenue, driven by improved net interest income and fee revenue, despite some operational costs. Northfield Bancorp reported a 27% increase in deposits and a 10 basis point expansion in net interest margin, although it faced a 4% decline in loans. DA Davidson anticipates continued net interest margin expansion and a rebound in loan growth for 2025. However, they have adjusted earnings per share estimates downward due to a more conservative net interest margin forecast, influenced by fewer expected interest rate cuts.
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