Zacks Investment Research upgraded shares of Northfield Bancorp (NASDAQ:NFBK) from a hold rating to a buy rating in a report issued on Friday morning. Zacks Investment Research currently has $18.00 price objective on the bank’s stock.
According to Zacks, “NORTHFIELD Building Loan and Savings Association in the village of Mariners Harbor, Town of Northfield, County of Richmond, by a group of Staten Islanders for the purpose of rendering mutual aid to each other, and to those who shall hereafter be associated with us. “
A number of other brokerages also recently issued reports on NFBK. Keefe, Bruyette & Woods reiterated a hold rating and issued a $20.00 price target on shares of Northfield Bancorp in a report on Friday, December 22nd. BidaskClub downgraded shares of Northfield Bancorp from a sell rating to a strong sell rating in a report on Friday, January 26th. Finally, Piper Jaffray Companies reissued a hold rating and issued a $18.00 price objective on shares of Northfield Bancorp in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $18.25.
Northfield Bancorp (NASDAQ:NFBK) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.02. The business had revenue of $30.40 million during the quarter, compared to the consensus estimate of $30.67 million. Northfield Bancorp had a net margin of 17.14% and a return on equity of 5.03%. During the same quarter last year, the firm posted $0.18 EPS. analysts forecast that Northfield Bancorp will post 0.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 21st. Investors of record on Wednesday, February 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, February 6th. This represents a $0.40 dividend on an annualized basis and a yield of 2.48%. Northfield Bancorp’s payout ratio is 76.92%.
In related news, Director Gil Chapman sold 3,000 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the sale, the director now directly owns 70,800 shares of the company’s stock, valued at approximately $1,150,500. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steven M. Klein sold 7,500 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $17.06, for a total transaction of $127,950.00. Following the completion of the sale, the chief executive officer now directly owns 336,400 shares in the company, valued at $5,738,984. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,763 shares of company stock worth $2,345,244. 9.34% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in NFBK. Wells Fargo & Company MN boosted its stake in shares of Northfield Bancorp by 23.9% during the 2nd quarter. Wells Fargo & Company MN now owns 43,740 shares of the bank’s stock worth $750,000 after purchasing an additional 8,443 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Northfield Bancorp by 4.5% during the 2nd quarter. Northern Trust Corp now owns 589,775 shares of the bank’s stock worth $10,115,000 after purchasing an additional 25,169 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Northfield Bancorp by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 3,919,386 shares of the bank’s stock worth $67,218,000 after purchasing an additional 72,692 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Northfield Bancorp by 6.4% during the 2nd quarter. California Public Employees Retirement System now owns 120,400 shares of the bank’s stock worth $2,065,000 after purchasing an additional 7,200 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Northfield Bancorp by 7.4% during the 2nd quarter. Voya Investment Management LLC now owns 28,740 shares of the bank’s stock worth $493,000 after purchasing an additional 1,970 shares during the last quarter. 53.64% of the stock is currently owned by institutional investors.
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About Northfield Bancorp
Northfield Bancorp, Inc is a holding company for Northfield Bank (the Bank). Northfield Bank’s principal business consists of originating commercial real estate loans and multifamily real estate loans, purchasing investment securities including mortgage-backed securities and corporate bonds, as well as depositing funds in other financial institutions.
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