Northfield Bancorp Upped to Strong Buy - Analyst Blog

By
A A A

On Dec 25, Zacks Investment Research upgraded Northfield Bancorp, Inc. ( NFBK ) to a Zacks Rank #1 (Strong Buy).

Why the Upgrade?

Northfield Bancorp has witnessed positive estimate revisions on the back of strong third-quarter 2013 results. Further, the company has delivered positive earnings surprises in 3 of the last 4 quarters, with an average beat of 9.53%. Moreover, the long-term expected earnings growth rate for this stock is 5%.

On Oct 23, Northfield Bancorp reported third-quarter results with earnings per share of 9 cents beating the Zacks Consensus Estimate 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. Non-performing 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% sequentially.

Additionally, the Zacks Consensus Estimate for 2013 and 2014 increased marginally to 32 cents per share and 31 cents per share, respectively.

Positive earnings surprises and favorable estimate revisions stimulated the rank upgrade.

Other Stocks to Consider

Besides Lazard, other saving and loan institutes worth considering include Investors Bancorp Inc. ( ISBC ), Great Southern Bancorp Inc. ( GSBC ) and Teche Holding Company ( TSH ). All these stocks carry the same Zacks Rank as Northfield Bancorp.



GREAT SOUTH BCP (GSBC): Free Stock Analysis Report

INVESTORS BANCP (ISBC): Free Stock Analysis Report

NORTHFIELD BNCP (NFBK): Free Stock Analysis Report

TECHE HOLDING (TSH): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: GSBC , ISBC , NFBK , TSH

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

Most Active by Volume

56,834,794
    $15.52 unch
47,736,761
  • $94.72 ▲ 0.83%
41,992,984
  • $2.47 ▲ 11.76%
40,893,734
  • $34.7901 ▲ 2.14%
39,324,803
  • $69.27 ▼ 0.19%
39,276,613
  • $7.28 ▲ 2.68%
39,084,483
  • $44.83 ▼ 0.01%
33,527,212
  • $26.02 ▲ 0.15%
As of 7/22/2014, 04:03 PM