New York Community Bancorp (NYSE:NYCB) Rating Lowered to Neutral at DA Davidson

New York Community Bancorp (NYSE:NYCBGet Free Report) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, Marketbeat reports. They presently have a $5.00 price objective on the financial services provider’s stock, down from their prior price objective of $8.50. DA Davidson’s target price would suggest a potential upside of 2.04% from the company’s previous close. DA Davidson also issued estimates for New York Community Bancorp’s FY2024 earnings at $0.63 EPS.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. downgraded shares of New York Community Bancorp from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $11.50 to $5.50 in a research report on Wednesday. TheStreet downgraded shares of New York Community Bancorp from a “b-” rating to a “c+” rating in a research report on Monday. StockNews.com downgraded shares of New York Community Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, February 1st. UBS Group downgraded shares of New York Community Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, January 8th. Finally, Wedbush reaffirmed an “underperform” rating and issued a $6.00 price objective on shares of New York Community Bancorp in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.29.

Read Our Latest Analysis on NYCB

New York Community Bancorp Trading Up 16.9 %

NYSE:NYCB opened at $4.90 on Thursday. New York Community Bancorp has a one year low of $3.60 and a one year high of $14.22. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.17 and a current ratio of 1.18. The firm has a market cap of $3.54 billion, a P/E ratio of 1.47, a P/E/G ratio of 0.60 and a beta of 1.03. The firm has a 50-day simple moving average of $9.50 and a 200-day simple moving average of $10.55.

New York Community Bancorp (NYSE:NYCBGet Free Report) last posted its quarterly earnings results on Wednesday, January 31st. The financial services provider reported ($0.27) EPS for the quarter, missing the consensus estimate of $0.29 by ($0.56). New York Community Bancorp had a net margin of 28.96% and a return on equity of 5.85%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $935.90 million. During the same quarter in the prior year, the firm posted $0.25 EPS. Equities analysts anticipate that New York Community Bancorp will post 0.75 EPS for the current fiscal year.

Insider Activity

In other New York Community Bancorp news, Director Peter Schoels acquired 100,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $4.15 per share, with a total value of $415,000.00. Following the acquisition, the director now directly owns 147,438 shares of the company’s stock, valued at $611,867.70. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Peter Schoels bought 100,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $4.15 per share, for a total transaction of $415,000.00. Following the purchase, the director now directly owns 147,438 shares in the company, valued at approximately $611,867.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas R. Cangemi bought 11,310 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $4.41 per share, with a total value of $49,877.10. Following the completion of the purchase, the chief executive officer now owns 69,704 shares in the company, valued at $307,394.64. The disclosure for this purchase can be found here. Insiders have acquired 186,310 shares of company stock valued at $775,627 in the last ninety days. Insiders own 1.62% of the company’s stock.

Hedge Funds Weigh In On New York Community Bancorp

Large investors have recently added to or reduced their stakes in the stock. Jackson Creek Investment Advisors LLC acquired a new position in New York Community Bancorp during the third quarter worth $371,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in New York Community Bancorp during the third quarter worth $1,451,000. The Manufacturers Life Insurance Company raised its position in New York Community Bancorp by 163.9% during the second quarter. The Manufacturers Life Insurance Company now owns 1,399,243 shares of the financial services provider’s stock worth $15,727,000 after acquiring an additional 868,943 shares during the period. Fox Run Management L.L.C. raised its position in New York Community Bancorp by 17.9% during the third quarter. Fox Run Management L.L.C. now owns 23,323 shares of the financial services provider’s stock worth $264,000 after acquiring an additional 3,539 shares during the period. Finally, Barclays PLC raised its position in New York Community Bancorp by 12.0% during the third quarter. Barclays PLC now owns 1,682,646 shares of the financial services provider’s stock worth $19,082,000 after acquiring an additional 180,146 shares during the period. 67.52% of the stock is currently owned by institutional investors and hedge funds.

About New York Community Bancorp

(Get Free Report)

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.

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