Northfield Bancorp (NASDAQ:NFBK) Sets New 1-Year High - Here's What Happened

Key Points

• Shares hit a new 52-week high — NFBK traded up to $14.15 (last $14.18) on volume of 173,951 shares, and analysts have nudged targets while the consensus rating remains a "Hold" with an average price target of $14.33.
• Quarterly results: Northfield reported $0.34 EPS versus a $0.32 estimate (beat) while revenue was $40.38M versus a $40.60M estimate (slight miss), and the stock carries a high P/E of 118.00.
• Dividend and insider/institutional activity: The bank declared a $0.13 quarterly dividend (3.7% yield) but with a 433% payout ratio that questions sustainability, even as insiders purchased shares and institutional ownership stands at 65.51%.

Shares of Northfield Bancorp, Inc. (NASDAQ:NFBK - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $14.15 and last traded at $14.18, with a volume of 173951 shares traded. The stock had previously closed at $13.94.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NFBK. New Street Research set a $14.50 target price on shares of Northfield Bancorp in a research report on Friday, February 6th. Weiss Ratings upgraded shares of Northfield Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods raised their price objective on Northfield Bancorp from $12.00 to $14.50 and gave the company a "hold" rating in a report on Friday, February 6th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $14.33.

Northfield Bancorp Trading Up 1.6%

The company has a market cap of $591.32 million, a P/E ratio of 118.00 and a beta of 0.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.39. The business has a 50 day moving average price of $13.52 and a 200-day moving average price of $12.23.

Northfield Bancorp (NASDAQ:NFBK - Get Free Report) last issued its earnings results on Tuesday, April 21st. The bank reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.02. Northfield Bancorp had a net margin of 1.77% and a return on equity of 6.72%. The business had revenue of $40.38 million for the quarter, compared to the consensus estimate of $40.60 million.

Northfield Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Wednesday, May 6th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, May 6th. Northfield Bancorp's dividend payout ratio is presently 433.33%.

Insider Activity

In other Northfield Bancorp news, EVP David Fasanella purchased 7,500 shares of Northfield Bancorp stock in a transaction that occurred on Thursday, March 19th. The stock was acquired at an average price of $13.07 per share, for a total transaction of $98,025.00. Following the completion of the acquisition, the executive vice president owned 11,500 shares of the company's stock, valued at approximately $150,305. This trade represents a 187.50% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul Stahlin purchased 10,000 shares of the stock in a transaction on Tuesday, March 17th. The shares were acquired at an average cost of $13.19 per share, for a total transaction of $131,900.00. Following the transaction, the director owned 54,354 shares of the company's stock, valued at approximately $716,929.26. The trade was a 22.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.48% of the company's stock.

Institutional Investors Weigh In On Northfield Bancorp

Several hedge funds have recently added to or reduced their stakes in NFBK. M3F Inc. acquired a new position in shares of Northfield Bancorp in the first quarter valued at $10,516,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Northfield Bancorp by 17.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 699,647 shares of the bank's stock worth $8,256,000 after buying an additional 101,770 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Northfield Bancorp by 3.4% during the 4th quarter. AQR Capital Management LLC now owns 676,114 shares of the bank's stock worth $7,728,000 after buying an additional 22,408 shares during the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Northfield Bancorp by 1.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 540,020 shares of the bank's stock worth $6,172,000 after buying an additional 7,100 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Northfield Bancorp by 19.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 326,288 shares of the bank's stock valued at $3,729,000 after buying an additional 52,638 shares during the last quarter. Institutional investors and hedge funds own 65.51% of the company's stock.

About Northfield Bancorp

Northfield Bancorp is the bank holding company for Northfield Bank, a New Jersey‐based community bank offering a full range of financial products and services. Headquartered in New Jersey, the company serves individuals, families and small to mid‐sized businesses across Northern and Central New Jersey. Northfield Bancorp focuses on building lasting customer relationships through a combination of personalized service and technology‐driven solutions.

Through its subsidiary, Northfield Bank provides personal banking services such as checking and savings accounts, consumer loans, mortgage products and home equity lines of credit.

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