Blue Foundry Bancorp (BLFY) PT Raised to $12 at Piper Sandler

Piper Sandler analyst Justin Crowley raised the price target on Blue Foundry Bancorp (NASDAQ: BLFY) to $12.00 (from $9.50) while maintaining a Neutral rating.

The analyst commented, "BLFY reported a 2Q24 loss of $0.11 per share, which compared to our $0.19 loss expected and consensus at ($0.21). Compared to our modeling, a reserve release/negative LLP drove a $0.04∆ versus our modeling while a better NIM result (expansion compared to the contraction expected) drove $0.02 of NII outperformance. Expenses also held flattish, which was $0.02 better than our modeling. Profitability remains pressured at BLFY, though it was nice to see NIM expansion for the second straight quarter and we were once again pleased to see strong buyback activity out of the company. During 2Q, BLFY repurchased 386k shares (~2% of S/O) at a weighted average price of $8.84. Capital continues to remain strong (16.9% TCE ratio) while TBVPS grew at a 2.5% annualized pace to $14.69."

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