Wedbush Comments on New York Community Bancorp, Inc.’s Q2 2024 Earnings (NYSE:NYCB)

New York Community Bancorp, Inc. (NYSE:NYCB) – Equities researchers at Wedbush cut their Q2 2024 earnings per share (EPS) estimates for New York Community Bancorp in a report issued on Wednesday, May 1st. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of ($0.04) per share for the quarter, down from their prior forecast of $0.07. Wedbush currently has a “Neutral” rating and a $3.50 target price on the stock. The consensus estimate for New York Community Bancorp’s current full-year earnings is ($0.34) per share. Wedbush also issued estimates for New York Community Bancorp’s Q3 2024 earnings at ($0.03) EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.35) EPS, Q3 2025 earnings at $0.11 EPS, Q4 2025 earnings at $0.12 EPS and FY2025 earnings at $0.35 EPS.

A number of other analysts also recently issued reports on NYCB. Royal Bank of Canada cut their target price on New York Community Bancorp from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 9th. StockNews.com upgraded New York Community Bancorp to a “sell” rating in a report on Monday, April 29th. Compass Point lowered shares of New York Community Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $16.00 to $8.00 in a report on Thursday, February 1st. Barclays started 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 target price for the company. Finally, Raymond James lowered shares of New York Community Bancorp from a “market perform” rating to an “underperform” rating and set a $3.00 price objective on the stock. in a report on Monday, March 18th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, New York Community Bancorp has a consensus rating of “Hold” and a consensus target price of $5.39.

New York Community Bancorp Trading Up 0.5 %

Shares of New York Community Bancorp stock opened at $3.67 on Monday. New York Community Bancorp has a 1-year low of $1.70 and a 1-year high of $14.22. 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 stock has a market cap of $2.93 billion, a P/E ratio of 367.00 and a beta of 0.95. The stock’s 50 day simple moving average is $3.32 and its 200-day simple moving average is $6.88.

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

Institutional Investors Weigh In On New York Community Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its holdings in shares of New York Community Bancorp by 10.4% in the third quarter. Commonwealth Equity Services LLC now owns 311,898 shares of the financial services provider’s stock valued at $3,537,000 after acquiring an additional 29,426 shares during the period. Raymond James & Associates boosted its stake in shares of New York Community Bancorp by 6.9% during the 3rd quarter. Raymond James & Associates now owns 877,182 shares of the financial services provider’s stock worth $9,947,000 after acquiring an additional 56,390 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of New York Community Bancorp by 17.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 393,487 shares of the financial services provider’s stock worth $4,462,000 after acquiring an additional 57,159 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in New York Community Bancorp by 22.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 141,153 shares of the financial services provider’s stock valued at $1,601,000 after purchasing an additional 25,788 shares in the last quarter. Finally, Strs Ohio raised its holdings in New York Community Bancorp by 15.2% during the third quarter. Strs Ohio now owns 151,997 shares of the financial services provider’s stock worth $1,723,000 after purchasing an additional 20,040 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Insider Buying and Selling

In related news, CEO Thomas R. Cangemi purchased 11,310 shares of New York Community Bancorp 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. In other New York Community Bancorp news, Director Marshall Lux bought 27,100 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were purchased at an average price of $3.69 per share, with a total value of $99,999.00. Following the completion of the acquisition, the director now directly owns 64,872 shares of the company’s stock, valued at approximately $239,377.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas R. Cangemi purchased 11,310 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were acquired at an average cost of $4.41 per share, with a total value of $49,877.10. Following the completion of the acquisition, the chief executive officer now directly owns 69,704 shares in the company, valued at $307,394.64. The disclosure for this purchase can be found here. Insiders purchased 213,410 shares of company stock valued at $875,626 in the last three months. 1.62% of the stock is owned by corporate insiders.

New York Community Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, June 7th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.04 dividend on an annualized basis and a yield of 1.09%. New York Community Bancorp’s dividend payout ratio (DPR) is presently 2,000.00%.

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.