Zacks Investment Research Lowers New York Community Bancorp (NYSE:NYCB) to Sell

Zacks Investment Research downgraded shares of New York Community Bancorp (NYSE:NYCB) from a hold rating to a sell rating in a research note released on Thursday, November 23rd.

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 brokerages have also weighed in on NYCB. BidaskClub upgraded shares of New York Community Bancorp from a strong sell rating to a sell rating in a research note on Wednesday, August 2nd. Piper Jaffray Companies set a $11.00 price objective on New York Community Bancorp and gave the stock a sell rating in a research note on Thursday, August 17th. Barclays dropped their target price on shares of New York Community Bancorp from $14.00 to $12.00 and set an equal weight rating for the company in a report on Wednesday, October 11th. Finally, FBR & Co reissued a sell rating on shares of New York Community Bancorp in a report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. New York Community Bancorp currently has a consensus rating of Hold and an average price target of $12.45.

Shares of New York Community Bancorp (NYSE NYCB) opened at $13.63 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $6,484.86, a P/E ratio of 15.24 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, October 25th. The financial services provider reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. The firm had revenue of $385.27 million for the quarter, compared to analysts’ expectations of $313.64 million. New York Community Bancorp had a return on equity of 7.17% and a net margin of 24.22%. During the same period in the previous year, the firm posted $0.26 EPS. equities research analysts anticipate that New York Community Bancorp will post 0.68 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 21st. Shareholders of record on Tuesday, November 7th were paid a $0.17 dividend. The ex-dividend date was Monday, November 6th. This represents a $0.68 annualized dividend and a yield of 4.99%. New York Community Bancorp’s dividend payout ratio (DPR) is 78.16%.

Several large investors have recently bought and sold shares of the company. Chicago Partners Investment Group LLC purchased a new position in New York Community Bancorp in the third quarter valued at $103,000. Pacer Advisors Inc. boosted its holdings in shares of New York Community Bancorp by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 10,168 shares of the financial services provider’s stock valued at $134,000 after buying an additional 779 shares in the last quarter. Sigma Planning Corp acquired a new position in shares of New York Community Bancorp in the 2nd quarter valued at $135,000. BB&T Securities LLC acquired a new position in shares of New York Community Bancorp in the 2nd quarter valued at $135,000. Finally, Hartford Investment Management Co. acquired a new position in shares of New York Community Bancorp in the 2nd quarter valued at $138,000. Institutional investors and hedge funds own 58.50% of the company’s stock.

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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.

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