Northfield Bancorp Trades Close to Deal Value, With June Vote Key
Northfield Bancorp Inc. stock edged down 0.6% to $14.18 by late Friday, putting the company's market cap near $592 million. It was a muted session, with shares moving in a narrow band from $14.15 to $14.27 and around 266,000 shares changing hands. Why does the small move count? Northfield isn’t behaving like a typical regional-bank earnings trade anymore. It’s now moving on a merger-arb spread—the difference between the target’s share price and what investors think they’ll get if the deal completes.