New York Community Bancorp (NYCB) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of New York Community Bancorp (NYSE:NYCB) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $15.00 target price on the financial services provider’s stock.

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 reports about the stock. TheStreet raised shares of New York Community Bancorp from a c rating to a b- rating in a research note on Friday, December 15th. ValuEngine raised shares of New York Community Bancorp from a hold rating to a buy rating in a research note on Friday, December 1st. Bank of America raised shares of New York Community Bancorp from a neutral rating to a buy rating in a research note on Wednesday, January 10th. Morgan Stanley upped their price objective on shares of New York Community Bancorp from $14.00 to $14.75 and gave the stock an equal weight rating in a research note on Thursday, February 1st. Finally, Barclays decreased their price objective on shares of New York Community Bancorp from $14.00 to $12.00 and set an equal weight rating on the stock in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. New York Community Bancorp presently has a consensus rating of Hold and an average target price of $13.25.

New York Community Bancorp (NYSE:NYCB) opened at $13.64 on Wednesday. New York Community Bancorp has a 52-week low of $11.67 and a 52-week high of $15.59. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market cap of $6,648.35, a PE ratio of 16.80, a P/E/G ratio of 1.60 and a beta of 0.65.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings results on Wednesday, January 31st. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. New York Community Bancorp had a net margin of 25.91% and a return on equity of 6.81%. The firm had revenue of $296.32 million during the quarter, compared to analyst estimates of $300.29 million. analysts expect that New York Community Bancorp will post 0.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, February 12th. This represents a $0.68 annualized dividend and a yield of 4.99%. New York Community Bancorp’s dividend payout ratio is 75.56%.

Institutional investors have recently modified their holdings of the business. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of New York Community Bancorp by 33.8% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 27,831,006 shares of the financial services provider’s stock valued at $358,742,000 after purchasing an additional 7,036,258 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of New York Community Bancorp by 364.4% during the third quarter. Russell Investments Group Ltd. now owns 5,127,649 shares of the financial services provider’s stock valued at $66,095,000 after purchasing an additional 4,023,388 shares during the last quarter. Mondrian Investment Partners LTD bought a new stake in shares of New York Community Bancorp during the fourth quarter valued at approximately $47,004,000. Dimensional Fund Advisors LP grew its stake in shares of New York Community Bancorp by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 5,311,010 shares of the financial services provider’s stock valued at $69,738,000 after purchasing an additional 1,517,864 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt grew its stake in shares of New York Community Bancorp by 8.6% during the third quarter. Alecta Pensionsforsakring Omsesidigt now owns 11,400,000 shares of the financial services provider’s stock valued at $146,946,000 after purchasing an additional 900,000 shares during the last quarter. 59.25% of the stock is currently owned by hedge funds and other institutional investors.

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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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