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WOODBRIDGE, NJ – Northfield Bancorp, Inc. (NASDAQ:NFBK), a federally chartered savings institution with a market capitalization of $490 million, has announced a new stock repurchase program. According to InvestingPro data, the company currently trades at $11.44 per share and appears slightly undervalued based on Fair Value analysis. The Board of Directors approved the initiative to buy back $5.0 million of its common stock, starting March 3, 2025.
The repurchase plan will be conducted in accordance with a Rule 10b5-1 trading plan, which allows companies to repurchase their shares at times when they might otherwise be prevented from doing so under insider trading laws. The timing and volume of repurchases will be subject to market conditions, regulatory requirements, and the company’s financial performance. Notably, InvestingPro analysis shows the company has maintained dividend payments for 18 consecutive years, with a current attractive dividend yield of 4.56%.
Shares acquired through the repurchase will be classified as treasury stock and will be available for general corporate purposes. Northfield Bancorp has stated that the repurchase program can be suspended, terminated, or modified at any time, depending on various factors including market conditions, investment opportunities, and the company’s liquidity needs.
The company has not committed to repurchasing any specific number of shares and the program does not obligate it to acquire a particular number of shares. This move reflects the company’s commitment to managing its capital efficiently and delivering value to its shareholders.
The announcement made today is based on a press release statement and provides a clear indication of the company’s strategic financial management. Investors and market watchers will be observing the impact of this buyback plan on the company’s stock performance in the coming months. InvestingPro subscribers can access additional insights, including 12+ more ProTips and comprehensive financial health metrics that show the company maintains a FAIR overall financial health rating.
In other recent news, Northfield Bancorp reported a significant 27% quarter-over-quarter increase in deposit growth and a 10 basis point expansion in net interest margin (NIM), though there was a 4% decline in loans. DA Davidson maintained a Neutral rating for Northfield Bancorp, adjusting the price target to $13.00, down from $14.00, due to the company’s recent financial performance. The research firm noted that improved net interest income and fee revenue contributed positively to pre-provision net revenue (PPNR), despite some operational expenditure challenges. Analysts at DA Davidson have lowered their earnings per share (EPS) estimates, citing a slower than expected NIM trajectory and fewer anticipated interest rate cuts, which affects the bank’s liability sensitivity. The firm’s outlook remains cautious, with expectations for NIM expansion and loan growth to rebound in 2025. In a separate development, Northfield Bancorp announced equity awards for directors and employees under its 2019 Equity Incentive Plan. The awards include 238,008 restricted shares and 59,735 performance-based restricted stock units, aimed at aligning the interests of directors and employees with shareholders. These equity grants are part of Northfield Bancorp’s strategy to incentivize and retain key personnel, with vesting schedules tied to performance goals and strategic objectives.
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