New York Community Bancorp (NYSE:NYCB) Stock Price Down 2.6%

New York Community Bancorp, Inc. (NYSE:NYCB)’s stock price traded down 2.6% during trading on Friday . The stock traded as low as $2.98 and last traded at $2.99. 3,193,082 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 33,958,441 shares. The stock had previously closed at $3.07.

Analysts Set New Price Targets

NYCB has been the topic of a number of recent research reports. Morgan Stanley lowered their price objective on New York Community Bancorp from $6.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 7th. TheStreet cut shares of New York Community Bancorp from a “b-” rating to a “c+” rating in a research report on Monday, February 5th. Piper Sandler reiterated a “neutral” rating and issued a $5.00 target price (down from $8.00) on shares of New York Community Bancorp in a report on Friday, March 1st. Barclays assumed coverage on shares of New York Community Bancorp in a report on Friday, March 8th. They set an “equal weight” rating and a $4.00 price target for the company. Finally, JPMorgan Chase & Co. lowered New York Community Bancorp from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $11.50 to $5.50 in a research report on Wednesday, February 7th. Three analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.43.

New York Community Bancorp Trading Down 3.3 %

The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 0.89 and a beta of 0.91. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.17 and a current ratio of 1.18. The company has a 50 day moving average of $3.51 and a 200-day moving average of $7.26.

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 (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.56). The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $935.90 million. New York Community Bancorp had a return on equity of 6.22% and a net margin of 28.96%. During the same period in the prior year, the company posted $0.25 EPS. On average, research analysts anticipate that New York Community Bancorp, Inc. will post -0.08 earnings per share for the current year.

New York Community Bancorp Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders 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 annualized dividend and a dividend yield of 6.73%. New York Community Bancorp’s dividend payout ratio (DPR) is 6.01%.

Insider Activity

In related news, CEO Thomas R. Cangemi bought 11,310 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $4.41 per share, with a total value of $49,877.10. Following the purchase, the chief executive officer now directly owns 69,704 shares of the company’s stock, valued at approximately $307,394.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Thomas R. Cangemi purchased 11,310 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was bought at an average price of $4.41 per share, for a total transaction of $49,877.10. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alessandro Dinello acquired 50,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $4.19 per share, for a total transaction of $209,500.00. Following the completion of the transaction, the chairman now owns 114,305 shares in the company, valued at approximately $478,937.95. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 213,410 shares of company stock worth $875,626. Corporate insiders own 1.62% of the company’s stock.

Institutional Trading of New York Community Bancorp

A number of institutional investors have recently bought and sold shares of NYCB. Norges Bank purchased a new position in shares of New York Community Bancorp in the 4th quarter valued at about $77,628,000. Wellington Management Group LLP raised its holdings in New York Community Bancorp by 7.5% during the third quarter. Wellington Management Group LLP now owns 67,668,954 shares of the financial services provider’s stock worth $767,366,000 after purchasing an additional 4,723,876 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in New York Community Bancorp by 154.0% during the third quarter. Westfield Capital Management Co. LP now owns 5,135,955 shares of the financial services provider’s stock worth $58,242,000 after purchasing an additional 3,114,070 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of New York Community Bancorp by 353.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,830,195 shares of the financial services provider’s stock worth $28,953,000 after buying an additional 2,206,140 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its holdings in shares of New York Community Bancorp by 187.4% in the 4th quarter. Rafferty Asset Management LLC now owns 2,466,622 shares of the financial services provider’s stock valued at $25,234,000 after buying an additional 1,608,267 shares in the last quarter. 67.88% of the stock is owned by hedge funds and other 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.