New York Community Bancorp Stock to Reverse Split on Wednesday, July 31st (NYSE:NYCB)

New York Community Bancorp, Inc. (NYSE:NYCB)’s stock is going to reverse split on Wednesday, July 31st. The 1-3 reverse split was announced on Thursday, June 27th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, July 30th.

New York Community Bancorp Trading Up 5.7 %

Shares of New York Community Bancorp stock opened at $11.22 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.27 and a debt-to-equity ratio of 3.39. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 374.00 and a beta of 0.99. The business has a fifty day simple moving average of $4.95 and a 200-day simple moving average of $4.88. New York Community Bancorp has a fifty-two week low of $5.10 and a fifty-two week high of $42.66.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.67). The business had revenue of $671.00 million for the quarter, compared to analyst estimates of $722.47 million. New York Community Bancorp had a net margin of 0.62% and a return on equity of 2.91%. The firm’s quarterly revenue was down 44.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.41 earnings per share. On average, equities analysts forecast that New York Community Bancorp will post -1.4 EPS for the current fiscal year.

New York Community Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, June 7th were given a $0.01 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.04 annualized dividend and a yield of 0.36%. New York Community Bancorp’s payout ratio is 400.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays dropped their price objective on New York Community Bancorp from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. Citigroup upped their price objective on New York Community Bancorp from $3.50 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, July 3rd. 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 on the stock in a research note on Tuesday, April 9th. Piper Sandler upgraded New York Community Bancorp from a “neutral” rating to an “overweight” rating and set a $4.00 target price on the stock in a research note on Wednesday, May 1st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $10.50 target price on shares of New York Community Bancorp in a report on Friday. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.88.

Institutional Investors Weigh In On New York Community Bancorp

A number of hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its holdings in New York Community Bancorp by 9.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,654,656 shares of the financial services provider’s stock valued at $31,088,000 after acquiring an additional 844,785 shares during the period. Norges Bank bought a new position in shares of New York Community Bancorp during the fourth quarter valued at about $77,628,000. Kahn Brothers Group Inc. raised its stake in shares of New York Community Bancorp by 0.9% during the first quarter. Kahn Brothers Group Inc. now owns 6,213,289 shares of the financial services provider’s stock valued at $20,007,000 after acquiring an additional 53,275 shares during the last quarter. Cannell & Co. raised its stake in shares of New York Community Bancorp by 12.3% during 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of New York Community Bancorp by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,553,207 shares of the financial services provider’s stock valued at $46,579,000 after acquiring an additional 33,122 shares during the last quarter. Institutional investors own 67.88% of the company’s stock.

New York Community Bancorp Company Profile

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.