New York Community Bancorp (NYSE:NYCB) Upgraded at Piper Sandler

Piper Sandler upgraded shares of New York Community Bancorp (NYSE:NYCB) from a neutral rating to an overweight rating in a report released on Wednesday morning, Marketbeat.com reports. The firm currently has $4.00 price target on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on the stock. StockNews.com upgraded shares of New York Community Bancorp to a sell rating in a report on Monday. Royal Bank of Canada cut their target price on shares of 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. Deutsche Bank Aktiengesellschaft cut New York Community Bancorp from a buy rating to a hold rating and reduced their price target for the stock from $15.00 to $7.00 in a report on Friday, February 2nd. Compass Point lowered New York Community Bancorp from a buy rating to a neutral rating and dropped their price objective for the company from $16.00 to $8.00 in a research note on Thursday, February 1st. Finally, Citigroup reduced their target price on New York Community Bancorp from $5.00 to $3.50 and set a neutral rating for the company in a research note on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, New York Community Bancorp currently has an average rating of Hold and an average target price of $5.39.

New York Community Bancorp Price Performance

NYSE:NYCB opened at $3.40 on Wednesday. New York Community Bancorp has a 52-week low of $1.70 and a 52-week high of $14.22. The company has a market cap of $2.71 billion, a P/E ratio of 1.02 and a beta of 0.95. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.17 and a current ratio of 1.18. The stock’s 50-day simple moving average is $3.40 and its 200 day simple moving average is $7.10.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings results on Wednesday, January 31st. The financial services provider reported ($0.27) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.56). The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $935.90 million. New York Community Bancorp had a return on equity of 6.22% and a net margin of 28.96%. During the same period last year, the firm earned $0.25 EPS. As a group, sell-side analysts forecast that New York Community Bancorp will post -0.08 EPS for the current fiscal year.

New York Community Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, June 7th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.18%. New York Community Bancorp’s payout ratio is presently 6.01%.

Insider Activity at New York Community Bancorp

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

Hedge Funds Weigh In On New York Community Bancorp

Several hedge funds have recently bought and sold shares of NYCB. Wellington Management Group LLP boosted its position in shares of New York Community Bancorp by 7.5% during the 3rd quarter. Wellington Management Group LLP now owns 67,668,954 shares of the financial services provider’s stock worth $767,366,000 after acquiring an additional 4,723,876 shares in the last quarter. Norges Bank bought a new stake in New York Community Bancorp during the fourth quarter worth $77,628,000. Westfield Capital Management Co. LP boosted its holdings in shares of 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 valued at $58,242,000 after purchasing an additional 3,114,070 shares in the last quarter. Cannell & Co. increased its stake in shares of New York Community Bancorp by 12.3% in the 4th quarter. Cannell & Co. now owns 4,574,137 shares of the financial services provider’s stock valued at $46,793,000 after purchasing an additional 500,545 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of New York Community Bancorp by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,553,207 shares of the financial services provider’s stock worth $46,579,000 after buying an additional 33,122 shares in the last quarter. 67.88% of the stock is owned by institutional investors.

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.