WOODBRIDGE, NJ – In a latest transaction, Timothy C. Harrison, a director of Northfield Bancorp, Inc. (NASDAQ:), has elevated his stake within the firm by means of the acquisition of shares. On June 12, 2024, Harrison purchased 10,000 shares at a weighted common value of $8.1564, amounting to a complete funding of $81,564.
The shares had been acquired at costs starting from $8.13 to $8.17, indicating a eager curiosity from the director within the firm’s inventory at these ranges. Following this buy, Harrison now owns a complete of 77,682 shares in Northfield Bancorp, Inc.
Northfield Bancorp, Inc., headquartered at 581 Major Avenue, Suite 810, Woodbridge, New Jersey, operates as a federally chartered financial savings establishment. The corporate’s inventory is traded on the NASDAQ beneath the ticker image NFBK.
Buyers usually regulate insider transactions as they will present insights into how the corporate’s management perceives the worth of the inventory. Transactions like Harrison’s can sign confidence within the firm’s future prospects.
The transaction was disclosed in a Type 4 submitting with the Securities and Alternate Fee. In keeping with the footnote within the submitting, full data relating to the variety of shares purchased at every separate value throughout the specified vary could be offered upon request.
This newest transfer by a director of Northfield Bancorp, Inc. is more likely to be adopted intently by the funding neighborhood as they assess the importance of this insider buy for his or her funding methods.
In different latest information, Northfield Bancorp’s first-quarter earnings for 2024 have been introduced, revealing an earnings per share (EPS) of $0.15, according to the consensus estimate however falling in need of Piper Sandler’s expectation by one cent. The earnings report additionally confirmed that the financial institution’s bills exceeded projections by $0.02, whereas internet curiosity revenue was a penny beneath expectations. These larger bills had been considerably offset by a discount in provisioning for the quarter by a cent.
Along with the earnings announcement, Northfield Bancorp accomplished its earlier share repurchase program, shopping for again 253,000 shares at a mean price of $12.17 per share. The financial institution additionally introduced a brand new share repurchase authorization of $5 million, equal to roughly 1.3% of the corporate’s excellent shares at present costs.
These are latest developments following which Piper Sandler adjusted its outlook on Northfield Bancorp shares, lowering the worth goal to $11.00 from the earlier $13.00, whereas sustaining a Impartial ranking on the inventory. The value goal revision displays Piper Sandler’s evaluation of Northfield Bancorp’s quarterly efficiency and ongoing methods, together with share repurchases.
InvestingPro Insights
In gentle of the latest insider buy by Director Timothy C. Harrison, Northfield Bancorp, Inc. (NASDAQ:NFBK) traders might discover the next InvestingPro knowledge and ideas notably insightful. Northfield Bancorp’s market capitalization stands at $344.11 million, with a price-to-earnings (P/E) ratio of 10.31, reflecting a modest valuation relative to earnings. The corporate’s dividend yield is notably excessive at 6.51%, which might be engaging for income-focused traders, particularly contemplating the corporate has maintained dividend funds for 17 consecutive years.
Nevertheless, the corporate’s income has seen a downturn, with a lower of 20.06% during the last twelve months as of Q1 2024. This decline can also be mirrored within the firm’s latest quarterly income progress, which is down by 17.43%. Regardless of these challenges, Northfield Bancorp has been capable of preserve a powerful working revenue margin of 36.02% throughout the identical interval.
InvestingPro Suggestions spotlight that administration has been actively shopping for again shares, which might be indicative of their perception within the firm’s worth. Moreover, whereas analysts have revised their earnings estimates downwards for the upcoming interval, additionally they predict the corporate will stay worthwhile this 12 months. With 9 further ideas out there on InvestingPro, traders can acquire a extra complete view of Northfield Bancorp’s monetary well being and future outlook.
For traders looking for additional insights and evaluation on Northfield Bancorp, Inc., contemplate exploring InvestingPro for extra ideas. Use coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Professional and Professional+ subscription.
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