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

New York Community Bancorp (NYSE:NYCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $15.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.21% from the stock’s current price.

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. “

Several other equities research analysts have also weighed in on the company. BidaskClub lowered New York Community Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Barclays lowered their price objective on 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. Piper Jaffray Companies reiterated a “sell” rating and issued a $11.00 price objective on shares of New York Community Bancorp in a research note on Tuesday, October 24th. Royal Bank of Canada initiated coverage on New York Community Bancorp in a research note on Thursday, December 21st. They issued a “sector perform” rating and a $13.00 price objective on the stock. Finally, Bank of America upgraded New York Community Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. New York Community Bancorp presently has an average rating of “Hold” and an average target price of $13.25.

New York Community Bancorp (NYSE NYCB) opened at $13.61 on Wednesday. New York Community Bancorp has a 12 month low of $11.67 and a 12 month high of $15.59. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market capitalization of $6,604.39, a PE ratio of 15.12, a P/E/G ratio of 1.59 and a beta of 0.65.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NYCB. BlackRock Inc. lifted its holdings in New York Community Bancorp by 6,643.8% during the 1st quarter. BlackRock Inc. now owns 51,206,275 shares of the financial services provider’s stock worth $715,351,000 after buying an additional 50,446,961 shares in the last quarter. Capital International Investors acquired a new position in New York Community Bancorp during the 2nd quarter worth $210,797,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in New York Community Bancorp by 33.8% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 27,831,006 shares of the financial services provider’s stock worth $358,742,000 after buying an additional 7,036,258 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt lifted its holdings in New York Community Bancorp by 176.3% during the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 10,500,000 shares of the financial services provider’s stock worth $137,865,000 after buying an additional 6,700,000 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in New York Community Bancorp by 119.9% during the 1st quarter. Renaissance Technologies LLC now owns 9,400,025 shares of the financial services provider’s stock worth $149,460,000 after buying an additional 5,125,500 shares in the last quarter. Institutional investors and hedge funds own 59.25% 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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