New York Community Bancorp (NYSE:NYCB) Stock Price Up 32.5% After Strong Earnings

New York Community Bancorp, Inc. (NYSE:NYCB) traded up 32.5% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $3.63 and last traded at $3.51. 59,897,947 shares were traded during trading, an increase of 76% from the average session volume of 34,104,777 shares. The stock had previously closed at $2.65.

The financial services provider reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $633.00 million during the quarter, compared to the consensus estimate of $776.81 million. New York Community Bancorp had a net margin of 0.62% and a return on equity of 2.78%. The firm’s revenue was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS.

New York Community Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, June 7th will be given a $0.01 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.04 annualized dividend and a yield of 1.13%. New York Community Bancorp’s payout ratio is 2,000.00%.

Analyst Upgrades and Downgrades

NYCB has been the topic of a number of research reports. Piper Sandler raised shares of New York Community Bancorp from a “neutral” rating to an “overweight” rating and set a $4.00 price objective on the stock in a report on Wednesday. DA Davidson downgraded New York Community Bancorp from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $8.50 to $5.00 in a research note on Thursday, February 8th. JPMorgan Chase & Co. lowered shares of New York Community Bancorp from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $11.50 to $5.50 in a report on Wednesday, February 7th. Barclays started coverage on shares of New York Community Bancorp in a research report on Friday, March 8th. They issued an “equal weight” rating and a $4.00 price target for the company. Finally, UBS Group cut shares of New York Community Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday, January 8th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.39.

Insider Activity

In related news, CEO Thomas R. Cangemi acquired 11,310 shares of New York Community Bancorp stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $4.41 per share, with a total value of $49,877.10. Following the completion of the purchase, the chief executive officer now directly owns 69,704 shares of the company’s stock, valued at approximately $307,394.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Thomas R. Cangemi bought 11,310 shares of the stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $4.41 per share, for a total transaction of $49,877.10. Following the acquisition, the chief executive officer now owns 69,704 shares of the company’s stock, valued at $307,394.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Alessandro Dinello purchased 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $4.19 per share, for a total transaction of $209,500.00. Following the completion of the acquisition, the chairman now directly owns 114,305 shares in the company, valued at approximately $478,937.95. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 213,410 shares of company stock worth $875,626. 1.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC raised its position in New York Community Bancorp by 10.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 311,898 shares of the financial services provider’s stock valued at $3,537,000 after purchasing an additional 29,426 shares in the last quarter. Mission Wealth Management LP bought a new position in New York Community Bancorp during the 3rd quarter worth about $227,000. FinTrust Capital Advisors LLC increased its position in New York Community Bancorp by 36.0% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 7,321 shares of the financial services provider’s stock valued at $83,000 after purchasing an additional 1,938 shares during the period. Raymond James & Associates raised its holdings in shares of New York Community Bancorp by 6.9% in the 3rd quarter. Raymond James & Associates now owns 877,182 shares of the financial services provider’s stock valued at $9,947,000 after purchasing an additional 56,390 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of New York Community Bancorp by 17.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 393,487 shares of the financial services provider’s stock worth $4,462,000 after purchasing an additional 57,159 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.

New York Community Bancorp Trading Up 4.7 %

The company’s fifty day moving average is $3.36 and its 200-day moving average is $7.02. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.18 and a quick ratio of 1.17. The company has a market capitalization of $2.82 billion, a PE ratio of 353.00 and a beta of 0.95.

About New York Community Bancorp

New York Community Bancorp, Inc operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company's deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit.