On Nov 5, Zacks Investment Research upgraded
Northfield Bancorp, Inc. (Staten Island, NY)
) to a Zacks Rank #1 (Strong Buy).
META FINL GRP (CASH): Free Stock Analysis
MERIDIAN INTRST (EBSB): Free Stock Analysis
INVESTORS BANCP (ISBC): Free Stock Analysis
NORTHFIELD BNCP (NFBK): Free Stock Analysis
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Why the Upgrade?
Northfield Bancorp has been witnessing rising earnings estimates
following the announcement of strong third-quarter results.
Moreover, this bank has delivered positive earnings surprises in
the last 4 quarters, with an average beat of 9.5%.
Northfield Bancorp reported third-quarter 2013 results on Oct 23.
Earnings per share of 9 cents surpassed the Zacks Consensus
Estimate of 7 cents by 28.7%. Results benefited from increased
revenues, partially offset by higher operating expenses and a
rise in provision for credit losses.
Net interest income rose 13.7% year over year to $19.3 million.
Moreover, non-interest income increased 51.3% to $2.6 million. On
the flip side, non-interest expense rose 10.7% from the
prior-year quarter to $13.3 million.
Further, asset quality was a mixed bag. Nonperforming assets
decreased 16.6% from the prior quarter to $20.2 million. However,
provisions for loan losses of $0.8 million were up 96.0%
Additionally, following the earnings release, the Zacks Consensus
Estimate for 2013 increased by a penny to 31 cents per share over
the last 30 days. Similarly, for 2014, the Zacks Consensus
Estimate advanced 7.1% to 30 cents per share over the same time
Positive earnings surprises and favorable estimate revisions
stimulated the rank upgrade.
Other Stocks to Consider
While we prefer Northfield Bancorp, other stocks carrying a Zacks
Rank #1 include
Investors Bancorp Inc.
Meta Financial Group, Inc.
Meridian Interstate Bancorp, Inc.