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Strength Seen in Northfield (NFBK): Can Its 5.2% Jump Turn into More Strength?

Zacks Equity Research
·2 min read

Northfield Bancorp (NFBK) shares ended the last trading session 5.2% higher at $12.62. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.3% loss over the past four weeks.

Northfield Bancorp has announced a new share repurchase program worth $45 million, with no expiration date. This seems to have led to optimistic investor sentiments. Also, investors are bullish on the banking sector, given the expectations of the interest rate hikes this year and rise in loan demand. These factors possibly drove Northfield Bancorp stock higher.

This holding company for Northfield Bank is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of -30%. Revenues are expected to be $39.77 million, down 8.8% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Northfield, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NFBK going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Northfield belongs to the Zacks Financial - Savings and Loan industry. Another stock from the same industry, WSFS Financial (WSFS), closed the last trading session 1% higher at $40.42. Over the past month, WSFS has returned -2.1%.

For WSFS , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.92. This represents a change of -54% from what the company reported a year ago. WSFS currently has a Zacks Rank of #3 (Hold).


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Zacks Investment Research