UPDATE: Sterne Agee Initiates Northfield Bancorp at Buy on Valuation Catalysts
Sterne Agee initiated coverage on Northfield Bancorp (NASDAQ: NFBK) with a Buy rating and an $18.00 price target.
Sterne Agee commented, "We are positive on shares of Northfield Bancorp trading at 91% of pro forma tangible book value inclusive of the second step proceeds. Given Northfield's projected earnings and credit profile, we believe shares deserve an in-line valuation with overcapitalized peers trading at an average multiple of 105% of tangible book value. Looking ahead we believe the company will continue an active capital deployment strategy consisting of dividends, buybacks and above-average organic growth."
Northfield Bancorp closed at $15.51 on Tuesday.
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