New York Community Bancorp, Inc. (NYSE:NYCB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday, August 30th.
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. “
Several other equities analysts have also issued reports on the company. Piper Jaffray Companies set a $11.00 price target on New York Community Bancorp and gave the company a “sell” rating in a research note on Thursday, August 17th. BidaskClub lowered New York Community Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $13.75 price target (down previously from $14.00) on shares of New York Community Bancorp in a research note on Friday, July 7th. Finally, ValuEngine lowered New York Community Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $13.61.
New York Community Bancorp (NYCB) traded up 1.80% on Wednesday, reaching $12.45. The company had a trading volume of 5,751,194 shares. The company’s 50 day moving average price is $12.35 and its 200-day moving average price is $13.22. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 13.55 and a beta of 0.59. New York Community Bancorp has a 12 month low of $11.67 and a 12 month high of $17.68.
New York Community Bancorp (NYSE:NYCB) last issued its quarterly 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. New York Community Bancorp had a return on equity of 7.46% and a net margin of 25.67%. The business had revenue of $338.21 million for the quarter, compared to analyst estimates of $326.36 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, equities analysts predict that New York Community Bancorp will post $0.79 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in New York Community Bancorp by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 6,260,906 shares of the financial services provider’s stock valued at $82,205,000 after purchasing an additional 96,814 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of New York Community Bancorp by 1.6% in the second quarter. Legal & General Group Plc now owns 2,575,938 shares of the financial services provider’s stock worth $33,823,000 after acquiring an additional 39,629 shares in the last quarter. Brookstone Capital Management bought a new stake in shares of New York Community Bancorp in the second quarter worth about $288,000. Daiwa Securities Group Inc. increased its holdings in shares of New York Community Bancorp by 12.6% in the first quarter. Daiwa Securities Group Inc. now owns 13,400 shares of the financial services provider’s stock worth $187,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Girard Partners LTD. increased its holdings in shares of New York Community Bancorp by 4.1% in the second quarter. Girard Partners LTD. now owns 30,305 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 1,205 shares in the last quarter. Institutional investors and hedge funds own 57.50% of the company’s stock.
About New York Community Bancorp
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.
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