Northfield Bancorp (NASDAQ:NFBK) Sets New 12-Month High - Here's Why

Key Points

• Northfield Bancorp hit a new 52-week high of $14.19, and analysts hold a consensus price target of $14.50 with an overall consensus rating of Hold.
• The bank reported an EPS beat for the quarter ($0.34 vs. $0.32) while revenue was roughly in line, but valuation is high (PE ~118) and ROE is a modest 6.72%.
• Northfield declared a $0.13 quarterly dividend (annualized $0.52, 3.7% yield) despite a reported payout ratio of 433.33%, and insiders recently increased stakes (EVP bought 7,500 shares; a director bought 10,000 shares).

Northfield Bancorp, Inc. (NASDAQ:NFBK - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $14.19 and last traded at $14.1850, with a volume of 99817 shares traded. The stock had previously closed at $13.91.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Northfield Bancorp from $12.00 to $14.50 and gave the stock a "hold" rating in a research report on Friday, February 6th. New Street Research set a $14.50 price objective on Northfield Bancorp in a research report on Friday, February 6th. Finally, Weiss Ratings upgraded Northfield Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, April 17th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.50.

Northfield Bancorp Price Performance

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.39. The company has a market cap of $591.59 million, a PE ratio of 118.04 and a beta of 0.72. The stock has a 50-day simple moving average of $13.55 and a 200 day simple moving average of $12.29.

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

Northfield Bancorp Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP David Fasanella acquired 7,500 shares of the company's stock in a transaction dated Thursday, March 19th. The stock was acquired at an average cost of $13.07 per share, with a total value of $98,025.00. Following the completion of the purchase, the executive vice president owned 11,500 shares of the company's stock, valued at $150,305. This represents a 187.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul Stahlin acquired 10,000 shares of the company's stock in a transaction dated Tuesday, March 17th. The stock was purchased at an average cost of $13.19 per share, with a total value of $131,900.00. Following the completion of the purchase, the director directly owned 54,354 shares of the company's stock, valued at approximately $716,929.26. This represents a 22.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 5.95% of the company's stock.

Institutional Investors Weigh In On Northfield Bancorp

A number of institutional investors have recently modified their holdings of NFBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Northfield Bancorp by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,012 shares of the bank's stock valued at $251,000 after buying an additional 1,426 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Northfield Bancorp by 3.7% in the first quarter. Empowered Funds LLC now owns 133,823 shares of the bank's stock valued at $1,460,000 after buying an additional 4,741 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Northfield Bancorp in the second quarter valued at $172,000. Prudential Financial Inc. acquired a new stake in shares of Northfield Bancorp in the second quarter valued at $185,000. Finally, First Trust Advisors LP grew its stake in shares of Northfield Bancorp by 6.5% in the second quarter. First Trust Advisors LP now owns 30,623 shares of the bank's stock valued at $352,000 after buying an additional 1,880 shares in the last quarter. 65.51% of the stock is owned by institutional investors and hedge funds.

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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