In a recent transaction on June 12, Annette Catino, a director at Northfield Bancorp, Inc. (NASDAQ:NFBK), bought 15,000 shares of the company's common stock. The shares were acquired at a weighted average price ranging from $8.03 to $8.15, with the total transaction amounting to approximately $121,489.
This purchase by Catino is a notable investment in the federally chartered savings institution. Following the transaction, she now holds a total of 21,000 shares directly in an Individual Retirement Account (IRA). Additionally, Catino has indirect ownership of 24,7653 shares and another 37,460 shares by a Simplified Employee Pension (SEP) account.
Investors often keep an eye on insider transactions such as these for insights into how corporate executives and directors view the stock's value and prospects. The purchase at Northfield Bancorp by a member of its board could be interpreted as a sign of confidence in the future performance of the company.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which contains detailed information about the purchase, including the price range and the total number of shares acquired. The company's stock options and derivative holdings were also mentioned in the report, with Catino holding 32,000 stock options exercisable at $14.76 per share, set to expire on May 27, 2025.
Northfield Bancorp's stock performance and insider transactions are often watched closely by market participants for indications of the company's financial health and strategic direction.
In other recent news, Northfield Bancorp's first-quarter earnings for 2024 were consistent with consensus estimates, reporting an earnings per share (EPS) of $0.15, according to Piper Sandler. However, the bank's expenses surpassed projections by $0.02, and net interest income was a penny below expectations. This was somewhat offset by a reduction in provisioning for the quarter.
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.
Following these recent developments, 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. This revision reflects the firm's analysis of Northfield Bancorp's quarterly performance and ongoing strategies, including share repurchases.
InvestingPro Insights
Amidst the insider trading activities at Northfield Bancorp, Inc. (NASDAQ:NFBK), investors are weighing the implications of director Annette Catino's recent stock purchase. With a market capitalization of $352.98 million and an attractive dividend yield of 6.47%, Northfield Bancorp presents a mix of stability and income-generating potential. The company's P/E ratio stands at 10.59, reflecting investor sentiment on its earnings capacity relative to its current stock price.
One of the key InvestingPro Tips to consider is that management has been proactively engaging in share buybacks, which could signal their belief in the company's intrinsic value. Additionally, Northfield Bancorp has showcased its commitment to shareholders by maintaining dividend payments for 17 consecutive years, a testament to its financial resilience and dedication to returning value to its investors.
Despite a challenging period with a revenue decline of 20.06% over the last twelve months as of Q1 2024, the company upholds a significant gross profit margin of 36.02%, indicating its ability to manage costs effectively. However, investors should be aware that analysts have revised their earnings expectations downwards for the upcoming period, which may affect the stock's future performance.
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