New York Community Bancorp (NYSE:NYCB) Shares Down 5% on Analyst Downgrade

Shares of New York Community Bancorp, Inc. (NYSE:NYCB) fell 5% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $5.00 to $4.00. Royal Bank of Canada currently has a sector perform rating on the stock. New York Community Bancorp traded as low as $3.03 and last traded at $3.06. 8,881,872 shares were traded during trading, a decline of 76% from the average session volume of 37,188,023 shares. The stock had previously closed at $3.22.

A number of other equities analysts have also recently issued reports on the company. Piper Sandler reiterated a “neutral” rating and set a $5.00 target price (down previously from $8.00) on shares of New York Community Bancorp in a report on Friday, March 1st. Barclays began coverage on shares of New York Community Bancorp in a research note on Friday, March 8th. They set an “equal weight” rating and a $4.00 price objective for the company. Raymond James downgraded shares of New York Community Bancorp from a “market perform” rating to an “underperform” rating and set a $3.00 price objective for the company. in a research note on Monday, March 18th. StockNews.com downgraded shares of New York Community Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, February 1st. Finally, Compass Point downgraded shares of New York Community Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $8.00 in a research note on Thursday, February 1st. Three equities research analysts have rated the stock with a sell rating and thirteen have given a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.43.

Insider Activity at New York Community Bancorp

In other news, CEO Thomas R. Cangemi bought 11,310 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average cost of $4.41 per share, for a total transaction of $49,877.10. Following the purchase, the chief executive officer now owns 69,704 shares of the company’s stock, valued at approximately $307,394.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Lee Matthew Smith acquired 25,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $4.05 per share, for a total transaction of $101,250.00. Following the completion of the transaction, the executive vice president now directly owns 1,440,683 shares of the company’s stock, valued at approximately $5,834,766.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas R. Cangemi acquired 11,310 shares of the business’s stock in a transaction on Friday, February 9th. The shares were bought 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 disclosure for this purchase can be found here. In the last ninety days, insiders bought 213,410 shares of company stock worth $875,626. Insiders own 1.62% of the company’s stock.

Institutional Investors Weigh In On New York Community Bancorp

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its holdings in shares of New York Community Bancorp by 1,237.8% during the fourth quarter. International Assets Investment Management LLC now owns 484,124 shares of the financial services provider’s stock worth $47,324,000 after purchasing an additional 447,937 shares during the period. Nordea Investment Management AB bought a new position in shares of New York Community Bancorp during the fourth quarter worth approximately $1,755,000. AQR Capital Management LLC increased its holdings in shares of 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 purchasing an additional 1,348,601 shares during the period. Pacer Advisors Inc. increased its holdings in shares of New York Community Bancorp by 79.2% during the fourth quarter. Pacer Advisors Inc. now owns 108,619 shares of the financial services provider’s stock worth $1,111,000 after purchasing an additional 47,996 shares during the period. Finally, State of Michigan Retirement System increased its holdings in shares of New York Community Bancorp by 7.9% during the fourth quarter. State of Michigan Retirement System now owns 173,343 shares of the financial services provider’s stock worth $1,773,000 after purchasing an additional 12,700 shares during the period. 67.88% of the stock is currently owned by institutional investors and hedge funds.

New York Community Bancorp Price Performance

The company’s fifty day moving average price is $4.04 and its 200 day moving average price is $7.97. The company has a market capitalization of $2.36 billion, a P/E ratio of 0.89, a PEG ratio of 4.65 and a beta of 0.91. 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 (NYSE:NYCB) last announced its quarterly earnings data on Wednesday, January 31st. The financial services provider reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.56). The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate 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 last year, the business earned $0.25 earnings per share. As a group, sell-side analysts forecast that New York Community Bancorp, Inc. will post 0.07 EPS for the current year.

New York Community Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Wednesday, February 14th were paid a $0.05 dividend. The ex-dividend date was Tuesday, February 13th. This represents a $0.20 dividend on an annualized basis and a yield of 6.76%. New York Community Bancorp’s dividend payout ratio (DPR) is 6.01%.

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.