New York Community Bancorp (NYCB) Downgraded by Zacks Investment Research to Hold
New York Community Bancorp (NYSE:NYCB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. The Company has two bank subsidiaries: New York Community Bank, with 178 branches serving customers throughout Metro New York and New Jersey; and New York Commercial Bank, with 36 branches serving customers in Manhattan, Queens, Brooklyn, Long Island, and Westchester County in New York. Reflecting its growth through a series of acquisitions, the Community Bank operates through five local divisions: Queens County Savings Bank in Queens, Roslyn Savings Bank on Long Island, Richmond County Savings Bank on Staten Island, Roosevelt Savings Bank in Brooklyn, and Garden State Community Bank in New Jersey. Similarly, the Commercial Bank operates 17 of its branches under the name Atlantic Bank. “
Several other equities research analysts have also issued reports on NYCB. ValuEngine lowered shares of New York Community Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. B. Riley upgraded shares of New York Community Bancorp from a “sell” rating to a “neutral” rating and lifted their price target for the company from $12.00 to $13.00 in a research note on Monday, February 12th. Morgan Stanley lifted their price objective on shares of New York Community Bancorp from $14.00 to $14.75 and gave the company an “equal weight” rating in a research report on Thursday, February 1st. TheStreet downgraded shares of New York Community Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $14.00 price objective on shares of New York Community Bancorp in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $13.34.
New York Community Bancorp (NYSE:NYCB) last issued its quarterly earnings results on Wednesday, January 31st. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. New York Community Bancorp had a net margin of 25.91% and a return on equity of 6.81%. The firm had revenue of $296.32 million for the quarter, compared to analyst estimates of $300.29 million. equities research analysts anticipate that New York Community Bancorp will post 0.86 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in NYCB. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of New York Community Bancorp by 33.8% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 27,831,006 shares of the financial services provider’s stock worth $358,742,000 after buying an additional 7,036,258 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of New York Community Bancorp by 364.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 5,127,649 shares of the financial services provider’s stock worth $66,095,000 after buying an additional 4,023,388 shares during the period. Mondrian Investment Partners LTD bought a new stake in shares of New York Community Bancorp during the 4th quarter worth about $47,004,000. Mackenzie Financial Corp bought a new stake in shares of New York Community Bancorp during the 4th quarter worth about $13,176,000. Finally, Alecta Pensionsforsakring Omsesidigt boosted its holdings in shares of New York Community Bancorp by 8.6% during the 3rd quarter. Alecta Pensionsforsakring Omsesidigt now owns 11,400,000 shares of the financial services provider’s stock worth $146,946,000 after buying an additional 900,000 shares during the period. 59.01% of the stock is owned by institutional investors and hedge funds.
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About New York Community Bancorp
New York Community Bancorp, Inc is a multi-bank holding company. The Company operates through its subsidiaries, New York Community Bank (the Community Bank) and New York Commercial Bank (the Commercial Bank) (collectively, the Banks). The Company’s operations are divided into two segments: Banking Operations and Residential Mortgage Banking.
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