Blue Foundry Bancorp executive acquires $11k in stock

In recent trading activity, Blue Foundry Bancorp's (NASDAQ:BLFY) Chief Risk Officer, Keith Owes, made notable transactions in the company's stock, according to the latest SEC filings. Owes acquired shares of the company, reflecting continued confidence in the financial institution.

The transactions, which occurred over a two-day period, included the acquisition of 1,000 shares of common stock at a price of $11.02 per share, amounting to a total investment of $11,020. This purchase adds to Owes's stake in the company, following an initial acquisition of 10,000 shares of restricted stock, which will vest over three years starting from September 18, 2025.

Investors often monitor insider buying and selling as it can provide insights into the executive's perspective on the company's current valuation and future prospects. Owes's recent acquisition could be interpreted as a signal of his belief in the potential growth or stability of Blue Foundry Bancorp.

Blue Foundry Bancorp, headquartered in Rutherford, New Jersey, operates as a savings institution not federally chartered and has been serving its community with a range of financial services. The company's stock trades under the ticker BLFY on the NASDAQ exchange.

Investors and market analysts will likely keep a close watch on future transactions by company insiders for further indications of Blue Foundry Bancorp's financial direction and performance.



In other recent news, Blue Foundry Bancorp has been the subject of several significant developments. Piper Sandler adjusted the stock price target for Blue Foundry Bancorp, increasing it to $12.00 from the previous $9.50, maintaining a Neutral rating. This adjustment follows the bank's recent report of a second-quarter loss of $0.11 per share, a more favorable outcome than the anticipated $0.19 loss by analysts.

The company also reported a growth in deposits and an expansion in net interest margin, with commercial deposits up by 9% and consumer deposits increasing by 6%. Despite these positive trends, Blue Foundry Bancorp posted a net loss of $2.3 million for the quarter.

Furthermore, Blue Foundry Bancorp's net interest margin expanded, contrary to the contraction forecasted, resulting in a $0.02 net interest income outperformance. The company also actively repurchased shares, buying back 386,000 shares, or approximately 2% of the outstanding shares, at an average price of $8.84 during the second quarter.

Lastly, the bank's capital position remains robust, with a tangible common equity ratio of 16.9%, and the tangible book value per share saw a 2.5% annualized increase, reaching $14.69. These are some of the recent developments concerning Blue Foundry Bancorp.
InvestingPro Insights


As Blue Foundry Bancorp's (NASDAQ:BLFY) Chief Risk Officer, Keith Owes, demonstrates his confidence in the company with recent stock purchases, insights from InvestingPro shed light on the company's financial health and market performance. Notably, one of the InvestingPro Tips highlights that management has been actively buying back shares, which aligns with Owes's behavior and could be a positive sign for investors seeking assurance in the company's self-assessment.

From a performance standpoint, Blue Foundry Bancorp is experiencing a strong return over the last three months, with a 28.82% price total return, indicating a robust short-term growth in the stock's value. This complements Owes's recent stock acquisition and may further interest potential investors.

However, it's important to consider the challenges the company faces. InvestingPro Tips reveal that analysts do not expect Blue Foundry Bancorp to be profitable this year, and the company has not been profitable over the last twelve months. This is reflected in the company's negative P/E ratio of -26.41, which underscores the earnings challenges ahead.

Investors may also take note of the company's stock trading near its 52-week high, at 95.99% of the peak price, and a market capitalization of $233.69M. These metrics, combined with the fact that Blue Foundry Bancorp does not pay a dividend, could influence investment decisions depending on individual strategies and the weight given to growth versus income.

For those looking to delve deeper into Blue Foundry Bancorp's financials and forecasts, InvestingPro offers additional tips and metrics that could be pivotal in making informed investment decisions. There are six more InvestingPro Tips available at: https://www.investing.com/pro/BLFY, providing a comprehensive analysis of the company's prospects.

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Source: Investing.com