New York Community Bancorp, Inc. (NYSE:NYCB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued 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. “
A number of other research analysts have also issued reports on the stock. Piper Jaffray Companies set a $11.00 price target on shares of New York Community Bancorp and gave the stock a “sell” rating in a research note on Thursday, August 17th. BidaskClub lowered shares of New York Community Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Morgan Stanley restated an “equal weight” rating and set a $13.75 target price (down from $14.00) on shares of New York Community Bancorp in a research report on Friday, July 7th. Finally, ValuEngine lowered shares of New York Community Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. New York Community Bancorp currently has an average rating of “Hold” and a consensus target price of $14.03.
Shares of New York Community Bancorp (NYCB) opened at 11.99 on Wednesday. The stock’s 50 day moving average price is $12.48 and its 200 day moving average price is $13.32. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 13.05 and a beta of 0.59. New York Community Bancorp has a one year low of $11.83 and a one year high of $17.68.
New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $338.21 million for the quarter, compared to analyst estimates of $326.36 million. New York Community Bancorp had a net margin of 25.67% and a return on equity of 7.46%. During the same period in the previous year, the business posted $0.26 earnings per share. Analysts forecast that New York Community Bancorp will post $0.79 earnings per share for the current year.
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Institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in shares of New York Community Bancorp by 3.1% during the first quarter. Pacer Advisors Inc. now owns 9,389 shares of the financial services provider’s stock valued at $131,000 after buying an additional 284 shares during the period. Quantbot Technologies LP purchased a new position in New York Community Bancorp during the first quarter worth approximately $140,000. Sigma Planning Corp purchased a new position in New York Community Bancorp during the second quarter worth approximately $135,000. BB&T Securities LLC purchased a new position in New York Community Bancorp during the second quarter worth approximately $135,000. Finally, Hartford Investment Management Co. purchased a new position in New York Community Bancorp during the second quarter worth approximately $138,000. 57.50% of the stock is currently owned by institutional investors and hedge funds.
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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