New York Community Bancorp (NYCB) Downgraded to Hold at Zacks Investment Research

New York Community Bancorp (NYSE:NYCB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, February 3rd.

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 cut shares of New York Community Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, January 16th. BidaskClub upgraded shares of New York Community Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, November 15th. ValuEngine cut shares of New York Community Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Morgan Stanley raised their price target on shares of New York Community Bancorp from $14.00 to $14.75 and gave the company an “equal weight” rating in a report on Thursday, February 1st. Finally, Barclays raised their price target on shares of New York Community Bancorp from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. New York Community Bancorp currently has a consensus rating of “Hold” and a consensus target price of $13.25.

Shares of New York Community Bancorp (NYSE NYCB) traded up $0.34 during trading on Friday, reaching $13.59. 6,537,384 shares of the company’s stock traded hands, compared to its average volume of 4,626,023. New York Community Bancorp has a one year low of $11.67 and a one year high of $15.59. The company has a market cap of $6,638.58, a PE ratio of 15.10, a price-to-earnings-growth ratio of 1.60 and a beta of 0.65. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.05.

New York Community Bancorp (NYSE:NYCB) last released its quarterly earnings results on Wednesday, January 31st. The financial services provider reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. New York Community Bancorp had a net margin of 25.91% and a return on equity of 6.81%. The business had revenue of $296.32 million for the quarter, compared to analysts’ expectations of $300.29 million. research analysts predict that New York Community Bancorp will post 0.85 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of New York Community Bancorp by 1.1% in the 4th quarter. BlackRock Inc. now owns 49,132,135 shares of the financial services provider’s stock valued at $639,700,000 after purchasing an additional 518,946 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of New York Community Bancorp by 33.8% in the 3rd 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. State Street Corp raised its position in shares of New York Community Bancorp by 1.8% in the 2nd quarter. State Street Corp now owns 21,898,657 shares of the financial services provider’s stock valued at $287,534,000 after purchasing an additional 376,921 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in shares of New York Community Bancorp by 8.6% in the 3rd 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. Finally, Bank of New York Mellon Corp raised its position in shares of New York Community Bancorp by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 6,845,149 shares of the financial services provider’s stock valued at $89,126,000 after purchasing an additional 348,451 shares during the last quarter. 59.25% of the stock is 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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