New York Community Bancorp (NYSE:NYCB) Trading Up 5.9% – Time to Buy?

Shares of New York Community Bancorp, Inc. (NYSE:NYCB) shot up 5.9% on Friday . The company traded as high as $11.60 and last traded at $11.60. 785,820 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 8,397,873 shares. The stock had previously closed at $10.95.

Analyst Ratings Changes

NYCB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price target on New York Community Bancorp from $11.25 to $33.75 and gave the company a “market perform” rating in a research note on Monday, July 15th. Citigroup upped their target price on shares of New York Community Bancorp from $10.50 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. Barclays upgraded shares of New York Community Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $10.00 to $14.00 in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on New York Community Bancorp from $11.50 to $12.50 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Raymond James raised New York Community Bancorp from an “underperform” rating to a “market perform” rating in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, New York Community Bancorp presently has an average rating of “Hold” and an average price target of $17.48.

New York Community Bancorp Stock Up 7.6 %

The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 3.66. The company has a 50 day simple moving average of $10.73 and a two-hundred day simple moving average of $12.02. The firm has a market capitalization of $3.22 billion, a P/E ratio of 392.67 and a beta of 1.00.

New York Community Bancorp (NYSE:NYCB) last issued its earnings results on Thursday, July 25th. The financial services provider reported ($3.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.26) by ($1.89). The company had revenue of $671.00 million for the quarter, compared to the consensus estimate of $722.47 million. New York Community Bancorp had a negative return on equity of 4.49% and a negative net margin of 10.78%. New York Community Bancorp’s revenue was down 44.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.23 EPS. On average, equities analysts predict that New York Community Bancorp, Inc. will post -2.42 EPS for the current fiscal year.

New York Community Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Saturday, September 7th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.34%. New York Community Bancorp’s payout ratio is 133.33%.

Institutional Investors Weigh In On New York Community Bancorp

A number of hedge funds have recently made changes to their positions in NYCB. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of New York Community Bancorp in the 2nd quarter worth $2,879,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in New York Community Bancorp in the second quarter worth about $70,000. Sanctuary Advisors LLC bought a new stake in New York Community Bancorp during the second quarter worth approximately $68,000. Cetera Investment Advisers raised its position in New York Community Bancorp by 24.1% during the second quarter. Cetera Investment Advisers now owns 385,449 shares of the financial services provider’s stock valued at $1,241,000 after purchasing an additional 74,811 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in shares of New York Community Bancorp by 279.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 740,521 shares of the financial services provider’s stock valued at $2,384,000 after purchasing an additional 545,321 shares during the last quarter. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

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.