Northfield Bancorp Inc (NASDAQ: NFBK) said on Friday that its Board of Directors had authorized a new $10.0 million stock repurchase program.
”The Company anticipates conducting such repurchases beginning on June 18, 2024 in accordance with a Rule 10b5-1 trading plan. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity and capital requirements, and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes,” Northfield Bancorp said in a SEC filing.
Stock Performance
The shares of Northfield Bancorp Inc (NFBK) closed 2.50% ($0.20) lower at $7.79 on Nasdaq on Friday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $345.441 million.
The shares of Northfield Bancorp Inc (NFBK) went down 20.02% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 38.08% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 3 surveyed investment analysts offering 12-month price targets for Northfield Bancorp Inc’s stock had rated the latter as “Hold”. The median price target on the stock stands at $10.25, which translates into a 31.58% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $11.00.
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