Barclays Cuts New York Community Bancorp (NYSE:NYCB) Price Target to $4.00

New York Community Bancorp (NYSE:NYCB) had its price target cut by Barclays from $5.00 to $4.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

NYCB has been the topic of a number of other reports. Piper Sandler raised shares of New York Community Bancorp from a neutral rating to an overweight rating and set a $4.00 price target on the stock in a report on Wednesday, May 1st. Citigroup decreased their price target on shares of New York Community Bancorp from $5.00 to $3.50 and set a neutral rating on the stock in a report on Thursday, March 7th. Royal Bank of Canada dropped their price objective 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. Morgan Stanley decreased their target price 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. Finally, Wedbush upgraded New York Community Bancorp from an underperform rating to a neutral rating and lifted their price target for the company from $3.00 to $3.50 in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $5.39.

New York Community Bancorp Stock Up 2.7 %

New York Community Bancorp stock opened at $3.07 on Monday. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 307.00 and a beta of 0.98. The firm has a 50 day simple moving average of $3.27 and a 200 day simple moving average of $5.33. New York Community Bancorp has a 1-year low of $1.70 and a 1-year high of $14.22. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 3.39.

New York Community Bancorp (NYSE:NYCB) last announced its quarterly earnings results on Wednesday, May 1st. The financial services provider reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01. The company had revenue of $633.00 million during the quarter, compared to analysts’ expectations of $776.81 million. New York Community Bancorp had a return on equity of 2.91% and a net margin of 0.62%. The firm’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. On average, analysts predict that New York Community Bancorp will post -0.49 earnings per share for the current year.

New York Community Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, June 7th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.30%. New York Community Bancorp’s dividend payout ratio (DPR) is currently 400.00%.

Institutional Investors Weigh In On New York Community Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of NYCB. Wellington Management Group LLP lifted its position in New York Community Bancorp by 7.5% in the third quarter. Wellington Management Group LLP now owns 67,668,954 shares of the financial services provider’s stock valued at $767,366,000 after purchasing an additional 4,723,876 shares during the last quarter. Norges Bank purchased a new stake in New York Community Bancorp during the 4th quarter valued at $77,628,000. Kahn Brothers Group Inc. boosted its position in New York Community Bancorp by 0.9% during the 1st quarter. Kahn Brothers Group Inc. now owns 6,213,289 shares of the financial services provider’s stock valued at $20,007,000 after buying an additional 53,275 shares during the period. Westfield Capital Management Co. LP grew its holdings in New York Community Bancorp by 154.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,135,955 shares of the financial services provider’s stock worth $58,242,000 after acquiring an additional 3,114,070 shares during the last quarter. Finally, Cannell & Co. increased its position in shares of New York Community Bancorp by 12.3% in the fourth quarter. Cannell & Co. now owns 4,574,137 shares of the financial services provider’s stock valued at $46,793,000 after acquiring an additional 500,545 shares during the period. Institutional investors 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.