New York Community Bancorp (NYSE:NYCB) Upgraded by Wedbush to Neutral

Wedbush upgraded shares of New York Community Bancorp (NYSE:NYCB) from an underperform rating to a neutral rating in a report issued on Wednesday morning, Marketbeat.com reports. The brokerage currently has $3.50 target price on the financial services provider’s stock, up from their prior target price of $3.00.

A number of other analysts also recently weighed in on NYCB. Royal Bank of Canada reduced their price target on shares of New York Community Bancorp from $5.00 to $4.00 and set a sector perform rating for the company in a report on Tuesday, April 9th. 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. Piper Sandler upgraded shares of New York Community Bancorp from a neutral rating to an overweight rating and set a $4.00 price objective for the company in a research note on Wednesday. Citigroup dropped their price objective on shares of New York Community Bancorp from $5.00 to $3.50 and set a neutral rating for the company in a research note on Thursday, March 7th. Finally, Barclays started coverage on shares of New York Community Bancorp in a research note on Friday, March 8th. They issued an equal weight rating and a $4.00 price objective for the company. Two 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 data from MarketBeat.com, New York Community Bancorp presently has an average rating of Hold and a consensus price target of $5.39.

New York Community Bancorp Price Performance

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

New York Community Bancorp (NYSE:NYCB) last issued its quarterly earnings results on Wednesday, January 31st. The financial services provider reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.56). New York Community Bancorp had a net margin of 28.96% and a return on equity of 6.22%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $935.90 million. During the same period last year, the company earned $0.25 earnings per share. Analysts expect that New York Community Bancorp will post -0.08 EPS for the current year.

New York Community Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, June 7th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.18%. New York Community Bancorp’s dividend payout ratio (DPR) is presently 6.01%.

Insider Activity

In other news, Director Marshall Lux acquired 27,100 shares of New York Community Bancorp stock in a transaction that occurred on Thursday, March 21st. The shares were acquired at an average price of $3.69 per share, with a total value of $99,999.00. Following the purchase, the director now directly owns 64,872 shares of the company’s stock, valued at $239,377.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Marshall Lux acquired 27,100 shares of New York Community Bancorp stock in a transaction that occurred on Thursday, March 21st. The shares were acquired at an average price of $3.69 per share, with a total value of $99,999.00. Following the purchase, the director now directly owns 64,872 shares of the company’s stock, valued at $239,377.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Alessandro Dinello acquired 50,000 shares of New York Community Bancorp stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average cost of $4.19 per share, for a total transaction of $209,500.00. Following the purchase, the chairman now directly owns 114,305 shares in the company, valued at $478,937.95. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 213,410 shares of company stock valued at $875,626. 1.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NYCB. Commonwealth Equity Services LLC lifted its stake in New York Community Bancorp by 10.4% in the third quarter. Commonwealth Equity Services LLC now owns 311,898 shares of the financial services provider’s stock valued at $3,537,000 after buying an additional 29,426 shares in the last quarter. Mission Wealth Management LP bought a new position in New York Community Bancorp in the third quarter valued at approximately $227,000. FinTrust Capital Advisors LLC lifted its stake in New York Community Bancorp by 36.0% in the third quarter. FinTrust Capital Advisors LLC now owns 7,321 shares of the financial services provider’s stock valued at $83,000 after buying an additional 1,938 shares in the last quarter. Raymond James & Associates lifted its stake in New York Community Bancorp by 6.9% in the third quarter. Raymond James & Associates now owns 877,182 shares of the financial services provider’s stock valued at $9,947,000 after buying an additional 56,390 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in New York Community Bancorp by 17.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 393,487 shares of the financial services provider’s stock valued at $4,462,000 after buying an additional 57,159 shares in the last quarter. Institutional investors own 67.88% of the company’s stock.

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.