New York Community Bancorp (NYSE:NYCB) Shares Gap Down to $10.94

Shares of New York Community Bancorp, Inc. (NYSE:NYCB) gapped down before the market opened on Thursday . The stock had previously closed at $10.94, but opened at $9.19. New York Community Bancorp shares last traded at $9.70, with a volume of 1,960,331 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NYCB shares. Barclays lowered their target price on shares of New York Community Bancorp from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Keefe, Bruyette & Woods boosted their target price on shares of New York Community Bancorp from $3.75 to $11.25 and gave the company a “market perform” rating in a report on Monday, July 15th. Wedbush raised shares of New York Community Bancorp from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $3.00 to $3.50 in a report on Wednesday, May 1st. Royal Bank of Canada decreased their price target on shares of New York Community Bancorp from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 9th. Finally, Piper Sandler upgraded New York Community Bancorp from a “neutral” rating to an “overweight” rating and set a $4.00 price objective on the stock in a research report on Wednesday, May 1st. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.38.

New York Community Bancorp Stock Down 6.1 %

The stock has a 50-day simple moving average of $4.66 and a two-hundred day simple moving average of $4.84. 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 $2.81 billion, a PE ratio of 323.33 and a beta of 0.99.

New York Community Bancorp’s stock is scheduled to reverse split on the morning of 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 (NYSE:NYCB) last announced its quarterly earnings data on Wednesday, May 1st. The financial services provider reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. New York Community Bancorp had a return on equity of 2.91% and a net margin of 0.62%. The firm had revenue of $633.00 million for the quarter, compared to analysts’ expectations of $776.81 million. During the same period last year, the firm earned $0.23 earnings per share. The company’s revenue for the quarter was down 76.1% compared to the same quarter last year. Analysts expect that New York Community Bancorp, Inc. will post -1.4 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 0.39%. New York Community Bancorp’s dividend payout ratio (DPR) is currently 400.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NYCB. Retirement Systems of Alabama grew its stake in shares of New York Community Bancorp by 6.1% in the second quarter. Retirement Systems of Alabama now owns 962,318 shares of the financial services provider’s stock worth $3,099,000 after purchasing an additional 55,585 shares during the last quarter. Pathway Financial Advisors LLC bought a new stake in shares of New York Community Bancorp in the second quarter worth about $79,000. Louisiana State Employees Retirement System grew its stake in shares of New York Community Bancorp by 6.1% in the second quarter. Louisiana State Employees Retirement System now owns 220,500 shares of the financial services provider’s stock worth $710,000 after purchasing an additional 12,700 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in shares of New York Community Bancorp in the second quarter worth about $177,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of New York Community Bancorp in the second quarter worth about $69,000. 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.