New York Community Bancorp, Inc. (NYCB) Stock Rating Lowered by Zacks Investment Research

New York Community Bancorp, Inc. (NYSE:NYCB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. The Company has two bank subsidiaries: New York Community Bank, with 178 branches serving customers throughout Metro New York and New Jersey; and New York Commercial Bank, with 36 branches serving customers in Manhattan, Queens, Brooklyn, Long Island, and Westchester County in New York. Reflecting its growth through a series of acquisitions, the Community Bank operates through five local divisions: Queens County Savings Bank in Queens, Roslyn Savings Bank on Long Island, Richmond County Savings Bank on Staten Island, Roosevelt Savings Bank in Brooklyn, and Garden State Community Bank in New Jersey. Similarly, the Commercial Bank operates 17 of its branches under the name Atlantic Bank. “

Other analysts have also recently issued research reports about the company. BidaskClub raised New York Community Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Piper Jaffray Companies reaffirmed a “sell” rating and set a $11.00 target price on shares of New York Community Bancorp in a research report on Tuesday, September 19th. ValuEngine cut New York Community Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Morgan Stanley increased their target price on New York Community Bancorp from $13.50 to $14.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $13.61.

New York Community Bancorp (NYSE NYCB) opened at 12.87 on Wednesday. The stock has a market cap of $6.29 billion, a PE ratio of 14.00 and a beta of 0.59. New York Community Bancorp has a 52 week low of $11.67 and a 52 week high of $17.68. The firm’s 50-day moving average price is $12.26 and its 200-day moving average price is $13.11.

New York Community Bancorp (NYSE:NYCB) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. The business had revenue of $338.21 million for the quarter, compared to analysts’ expectations of $326.36 million. New York Community Bancorp had a return on equity of 7.46% and a net margin of 25.67%. During the same quarter last year, the firm earned $0.26 EPS. Equities analysts predict that New York Community Bancorp will post $0.79 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently modified their holdings of NYCB. UBS Asset Management Americas Inc. lifted its holdings in shares of New York Community Bancorp by 9.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 1,348,459 shares of the financial services provider’s stock valued at $18,838,000 after purchasing an additional 121,035 shares during the last quarter. Karp Capital Management Corp purchased a new stake in shares of New York Community Bancorp during the 1st quarter valued at $1,018,000. Parametric Portfolio Associates LLC lifted its holdings in shares of New York Community Bancorp by 16.6% during the 1st quarter. Parametric Portfolio Associates LLC now owns 730,310 shares of the financial services provider’s stock valued at $10,202,000 after purchasing an additional 103,884 shares during the last quarter. State of Wisconsin Investment Board lifted its holdings in shares of New York Community Bancorp by 19.7% during the 1st quarter. State of Wisconsin Investment Board now owns 309,860 shares of the financial services provider’s stock valued at $4,329,000 after purchasing an additional 51,001 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of New York Community Bancorp by 3.1% during the 1st quarter. Pacer Advisors Inc. now owns 9,389 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 284 shares during the last quarter. Hedge funds and other institutional investors own 57.49% of the company’s stock.

New York Community Bancorp Company Profile

New York Community Bancorp, Inc is a multi-bank holding company. The Company operates through its subsidiaries, New York Community Bank (the Community Bank) and New York Commercial Bank (the Commercial Bank) (collectively, the Banks). The Company’s operations are divided into two segments: Banking Operations and Residential Mortgage Banking.

Analyst Recommendations for New York Community Bancorp (NYSE:NYCB)

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