WOODBRIDGE, NJ – In a recent transaction on June 11, William R. Jacobs, EVP & PAO of Northfield Bancorp, Inc. (NASDAQ:NFBK), acquired 1,000 shares of the company's common stock, according to a Form 4 filing with the Securities and Exchange Commission. The purchase, executed at a weighted average price of $7.55 per share, amounted to a total investment of $7,550.
The transaction was made at prices ranging from $7.54 to $7.55, inclusive. Following the acquisition, Jacobs now directly owns a total of 67,065 shares of Northfield Bancorp's common stock. Additionally, Jacobs has indirect ownership of 33,098.587 shares through an Employee Stock Ownership Plan (ESOP) and 11,929.539 shares through a 401(k) plan.
Northfield Bancorp, Inc., a federally chartered savings institution headquartered in Woodbridge, New Jersey, has not disclosed any further details about this transaction. The company is known for providing a variety of banking services to individuals and corporate customers in the region.
Investors and stakeholders of Northfield Bancorp can request more detailed information about the exact number of shares purchased at each price point within the reported range from the company or directly from Jacobs, as indicated in the filing's footnotes.
This latest purchase by a key executive at Northfield Bancorp is part of the routine disclosures that companies make about the buying and selling of their stock by insiders. These transactions are closely monitored by investors seeking insights into the confidence that company executives have in the financial health and future prospects of their organizations.
In other recent news, Northfield Bancorp's first-quarter earnings for 2024 reported earnings per share (EPS) of $0.15, in line with consensus estimates, but fell short of Piper Sandler's expectation by one cent. The company's expenses exceeded projections by $0.02, while net interest income was slightly below expectations. However, these higher expenses were somewhat offset by a reduction in provisioning for the quarter. The bank also completed its previous share repurchase program, buying back 253,000 shares at an average cost of $12.17 per share. In conjunction with the earnings announcement, Northfield Bancorp unveiled a new share repurchase authorization of $5 million, equivalent to approximately 1.3% of the company's outstanding shares. Following these 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 adjustment reflects Piper Sandler's analysis of Northfield Bancorp's quarterly performance and ongoing strategies, including share repurchases.
InvestingPro Insights
As William R. Jacobs of Northfield Bancorp, Inc. (NASDAQ:NFBK) demonstrates confidence in the company through his recent stock purchase, it's worth noting the broader financial landscape of the firm. Northfield Bancorp's market capitalization stands at $353.42 million, with a price-to-earnings (P/E) ratio of 10.73, indicating a potentially undervalued stock compared to industry peers. Additionally, the company's P/E ratio for the last twelve months as of Q1 2024 is 10.98, reflecting consistent valuation over the recent period.
InvestingPro Tips highlight that management has been actively engaging in share buybacks, which can signal leadership's belief in the company's value. Moreover, Northfield Bancorp has maintained dividend payments for 17 consecutive years, with a current dividend yield of 6.82%, a testament to its commitment to returning value to shareholders.
However, it's important to consider that analysts have revised their earnings expectations downwards for the upcoming period. This alongside a noted decline in stock price over the last week, month, and six-month period could indicate market skepticism or a response to broader economic trends affecting the sector. Despite these challenges, analysts predict the company will remain profitable this year, and it has been profitable over the last twelve months.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available on https://www.investing.com/pro/NFBK, providing a comprehensive understanding of Northfield Bancorp's performance and potential. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking an extensive array of financial insights.
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