UPDATE: Piper Sandler Downgrades Northfield Bancorp (NFBK) to Neutral

(Updated - September 27, 2021 8:11 AM EDT)

Piper Sandler analyst Matthew Breese downgraded Northfield Bancorp (NASDAQ: NFBK) from Overweight to Neutral with a price target of $18.00.

The analyst comments "Along with our quarterly earnings preview, we are reducing our rating on shares of NFBK to Neutral as the stock approaches our 12-month price target. When we had increased our rating to Overweight back in October 2020, we were in a different world. NFBK was trading at less than 70% of TBVPS and we saw it as a solid defensive play with a conservative credit profile and plenty of capital to weather any potential storm. The bank in our opinion was also on the cusp of restarting its buyback program, which was a very attractive use of capital at those levels. The thesis has played out, the bank is now trading at over 120%, and we believe shares are now approaching fair value."

For an analyst ratings summary and ratings history on Northfield Bancorp click here. For more ratings news on Northfield Bancorp click here.

Shares of Northfield Bancorp closed at $17.06 yesterday.

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