WOODBRIDGE, NJ – In a recent transaction, Timothy C. Harrison, a director of Northfield Bancorp, Inc. (NASDAQ:NFBK), has increased his stake in the company through the purchase of shares. On June 12, 2024, Harrison bought 10,000 shares at a weighted average price of $8.1564, amounting to a total investment of $81,564.
The shares were acquired at prices ranging from $8.13 to $8.17, indicating a keen interest from the director in the company's stock at these levels. Following this purchase, Harrison now owns a total of 77,682 shares in Northfield Bancorp, Inc.
Northfield Bancorp, Inc., headquartered at 581 Main Street, Suite 810, Woodbridge, New Jersey, operates as a federally chartered savings institution. The company's stock is traded on the NASDAQ under the ticker symbol NFBK.
Investors often keep an eye on insider transactions as they can provide insights into how the company's leadership perceives the value of the stock. Transactions like Harrison's can signal confidence in the company's future prospects.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. According to the footnote in the filing, full information regarding the number of shares bought at each separate price within the specified range can be provided upon request.
This latest move by a director of Northfield Bancorp, Inc. is likely to be followed closely by the investment community as they assess the significance of this insider purchase for their investment strategies.
In other recent news, Northfield Bancorp's first-quarter earnings for 2024 have been announced, revealing an earnings per share (EPS) of $0.15, consistent with the consensus estimate but falling short of Piper Sandler's expectation by one cent. The earnings report also showed that the bank's expenses exceeded projections by $0.02, while net interest income was a penny below expectations. These higher expenses were somewhat offset by a reduction in provisioning for the quarter by a cent.
In addition to the earnings announcement, Northfield Bancorp completed its previous share repurchase program, buying back 253,000 shares at an average cost of $12.17 per share. The bank also announced a new share repurchase authorization of $5 million, equivalent to approximately 1.3% of the company's outstanding shares at current prices.
These are recent developments following which Piper Sandler adjusted its outlook on Northfield Bancorp shares, reducing the price target to $11.00 from the previous $13.00, while maintaining a Neutral rating on the stock. The price target revision reflects Piper Sandler's analysis of Northfield Bancorp's quarterly performance and ongoing strategies, including share repurchases.
InvestingPro Insights
In light of the recent insider purchase by Director Timothy C. Harrison, Northfield Bancorp, Inc. (NASDAQ:NFBK) investors may find the following InvestingPro data and tips particularly 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 company's dividend yield is notably high at 6.51%, which could be attractive for income-focused investors, especially considering the company has maintained dividend payments for 17 consecutive years.
However, the company's revenue has seen a downturn, with a decrease of 20.06% over the last twelve months as of Q1 2024. This decline is also reflected in the company's recent quarterly revenue growth, which is down by 17.43%. Despite these challenges, Northfield Bancorp has been able to maintain a strong operating income margin of 36.02% during the same period.
InvestingPro Tips highlight that management has been actively buying back shares, which could be indicative of their belief in the company's value. Additionally, while analysts have revised their earnings estimates downwards for the upcoming period, they also predict the company will remain profitable this year. With 9 additional tips available on InvestingPro, investors can gain a more comprehensive view of Northfield Bancorp's financial health and future outlook.
For investors seeking further insights and analysis on Northfield Bancorp, Inc., consider exploring InvestingPro for additional tips. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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