Shares of Northfield Bancorp, Inc. (Staten Island, NY) (NFBK) achieved a new 52-week high of $13.75 in the first half of the trading session on Sep 12. The stock closed at $13.67, reflecting a solid return of 11.8% over the past one year. The trading volume for the session was 0.2 million shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy) stock has plenty of upside left, given the estimate revisions witnessed over the last 60 days.
Growth Drivers
Impressive second-quarter 2014 results, driven by a rise in fee income and prudent expense management, along with meaningful capital-deployment activities, acted as the primary growth drivers for Northfield Bancorp.
Reported on Jul 23, Northfield Bancorp's second-quarter earnings of 11 cents per share outpaced the Zacks Consensus Estimate by 22.2%. Results benefited from a 40.6% rise in non-interest income and a 3.9% fall in operating expenses, partially offset by 1.3% decrease in net interest income.
Further, Northfield Bancorp announced a 16.7% hike in its quarterly dividend to 7 cents per share. Also, the company has a steady share repurchase program in place.
Estimate Revisions
Over the last 60 days, 1 out of 3 estimates for 2014 have been revised upward, lifting the Zacks Consensus Estimate by 2.6% to 39 cents per share. For 2015, the Zacks Consensus Estimate remained stable at 42 cents per share over the same time frame.
Some better-ranked finance stocks include Great Southern Bancorp Inc. (GSBC), Laporte Bancorp, Inc. (LPSB) and Mutualfirst Financial Inc. (MFSF). All these stocks sport a Zacks Rank #1 (Strong Buy).
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