New York Community Bancorp (NYSE:NYCB) Upgraded to Overweight by Piper Sandler

Piper Sandler upgraded shares of New York Community Bancorp (NYSE:NYCB) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $4.00 price objective on the financial services provider’s stock.

A number of other analysts have also issued reports on the company. DA Davidson lowered New York Community Bancorp from a buy rating to a neutral rating and reduced their target price for the company from $8.50 to $5.00 in a report on Thursday, February 8th. Deutsche Bank Aktiengesellschaft cut New York Community Bancorp from a buy rating to a hold rating and lowered their target price for the company from $15.00 to $7.00 in a research note on Friday, February 2nd. Raymond James lowered shares of New York Community Bancorp from a market perform rating to an underperform rating and set a $3.00 price target for the company. in a research report on Monday, March 18th. Citigroup decreased their price target on shares of New York Community Bancorp from $5.00 to $3.50 and set a neutral rating for the company in a report on Thursday, March 7th. Finally, Bank of America lowered shares of New York Community Bancorp from a buy rating to a neutral rating and dropped their price objective for the company from $8.50 to $5.00 in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $5.39.

New York Community Bancorp Stock Performance

NYCB opened at $3.40 on Wednesday. The business has a fifty day simple moving average of $3.40 and a 200-day simple moving average of $7.10. The firm has a market cap of $2.71 billion, a PE ratio of 1.02 and a beta of 0.95. The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 2.70. New York Community Bancorp has a fifty-two week low of $1.70 and a fifty-two week high of $14.22.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings data on Wednesday, January 31st. The financial services provider reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.56). The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $935.90 million. New York Community Bancorp had a net margin of 28.96% and a return on equity of 6.22%. During the same period in the prior year, the company posted $0.25 earnings per share. As a group, equities analysts predict that New York Community Bancorp will post -0.08 EPS for the current fiscal year.

New York Community Bancorp Cuts Dividend

The business also recently declared 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. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.18%. New York Community Bancorp’s dividend payout ratio is currently 6.01%.

Insider Activity

In related news, CEO Thomas R. Cangemi bought 11,310 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was purchased at an average price of $4.41 per share, with a total value of $49,877.10. Following the completion of the transaction, the chief executive officer now directly 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 available at the SEC website. In other news, Director Marshall Lux bought 27,100 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were purchased at an average price of $3.69 per share, for a total transaction of $99,999.00. Following the acquisition, the director now directly owns 64,872 shares of the company’s stock, valued at approximately $239,377.68. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas R. Cangemi purchased 11,310 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were purchased at an average price of $4.41 per share, with a total value of $49,877.10. Following the completion of the acquisition, the chief executive officer now directly owns 69,704 shares of the company’s stock, valued at $307,394.64. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 213,410 shares of company stock valued at $875,626. Insiders own 1.62% of the company’s stock.

Hedge Funds Weigh In On New York Community Bancorp

A number of institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC grew its holdings in New York Community Bancorp by 1,237.8% in the 4th quarter. International Assets Investment Management LLC now owns 484,124 shares of the financial services provider’s stock valued at $47,324,000 after buying an additional 447,937 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of New York Community Bancorp in the fourth quarter worth $1,755,000. AQR Capital Management LLC increased its position in New York Community Bancorp by 212.7% during the third quarter. AQR Capital Management LLC now owns 1,982,700 shares of the financial services provider’s stock worth $22,444,000 after acquiring an additional 1,348,601 shares during the period. Pacer Advisors Inc. raised its stake in New York Community Bancorp by 79.2% during the 4th quarter. Pacer Advisors Inc. now owns 108,619 shares of the financial services provider’s stock valued at $1,111,000 after purchasing an additional 47,996 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in New York Community Bancorp by 7.9% in the 4th quarter. State of Michigan Retirement System now owns 173,343 shares of the financial services provider’s stock valued at $1,773,000 after purchasing an additional 12,700 shares during the period. 67.88% of the stock is currently owned by institutional investors.

New York Community Bancorp Company Profile

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.