New York Community Bancorp (NYSE:NYCB) Lifted to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of New York Community Bancorp (NYSE:NYCB) from a neutral rating to an overweight rating in a research report released on Wednesday morning, MarketBeat reports. They currently have $4.00 price target on the financial services provider’s stock.

Several other brokerages have also recently weighed in on NYCB. Royal Bank of Canada decreased their price objective on shares of New York Community Bancorp from $5.00 to $4.00 and set a sector perform rating on the stock in a research note on Tuesday, April 9th. Citigroup cut their price objective on New York Community Bancorp from $5.00 to $3.50 and set a neutral rating for the company in a research report on Thursday, March 7th. UBS Group cut New York Community Bancorp from a buy rating to a neutral rating in a report on Monday, January 8th. Bank of America cut New York Community Bancorp from a buy rating to a neutral rating and cut their price target for the company from $8.50 to $5.00 in a report on Wednesday, February 7th. Finally, Wedbush reduced their price target on shares of New York Community Bancorp from $3.50 to $3.00 and set an underperform rating on the stock in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $5.39.

New York Community Bancorp Price Performance

New York Community Bancorp stock opened at $3.53 on Wednesday. The business has a 50 day simple moving average of $3.36 and a 200 day simple moving average of $7.02. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.18 and a quick ratio of 1.17. The company has a market capitalization of $2.82 billion, a PE ratio of 353.00 and a beta of 0.95. New York Community Bancorp has a one year low of $1.70 and a one year high of $14.22.

New York Community Bancorp (NYSE:NYCB) last issued its quarterly earnings data on Wednesday, May 1st. The financial services provider reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. New York Community Bancorp had a return on equity of 2.78% and a net margin of 0.62%. The company had revenue of $633.00 million during the quarter, compared to analysts’ expectations of $776.81 million. During the same period last year, the business earned $0.23 earnings per share. The business’s revenue was down 76.1% on a year-over-year basis. On average, sell-side analysts forecast that New York Community Bancorp will post -0.08 EPS for the current fiscal year.

New York Community Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Friday, June 7th. New York Community Bancorp’s dividend payout ratio is presently 2,000.00%.

Insider Activity

In related news, Director Marshall Lux acquired 27,100 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was acquired at an average cost of $3.69 per share, with a total value of $99,999.00. Following the completion of the purchase, the director now directly owns 64,872 shares in the company, valued at $239,377.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Marshall Lux purchased 27,100 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were acquired at an average cost of $3.69 per share, for a total transaction of $99,999.00. Following the transaction, the director now directly owns 64,872 shares of the company’s stock, valued at approximately $239,377.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Schoels acquired 100,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $4.15 per share, with a total value of $415,000.00. Following the acquisition, the director now owns 147,438 shares of the company’s stock, valued at approximately $611,867.70. The disclosure for this purchase can be found here. Insiders have purchased a total of 213,410 shares of company stock valued at $875,626 in the last 90 days. 1.62% of the stock is owned by company insiders.

Institutional Trading of New York Community Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Moody Lynn & Lieberson LLC grew its stake in New York Community Bancorp by 7.1% in the fourth quarter. Moody Lynn & Lieberson LLC now owns 15,150 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 1,000 shares during the period. Kestra Private Wealth Services LLC grew its position in shares of New York Community Bancorp by 5.0% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,282 shares of the financial services provider’s stock valued at $264,000 after purchasing an additional 1,118 shares during the period. Avantax Advisory Services Inc. increased its stake in New York Community Bancorp by 3.5% during the 3rd quarter. Avantax Advisory Services Inc. now owns 35,779 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 1,204 shares in the last quarter. HB Wealth Management LLC raised its holdings in New York Community Bancorp by 7.2% during the 4th quarter. HB Wealth Management LLC now owns 20,299 shares of the financial services provider’s stock worth $208,000 after buying an additional 1,371 shares during the period. Finally, Treasurer of the State of North Carolina lifted its stake in New York Community Bancorp by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 312,764 shares of the financial services provider’s stock valued at $3,547,000 after buying an additional 1,590 shares in the last quarter. Institutional investors and hedge funds 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.