New York Community Bancorp (NYSE:NYCB) Shares Gap Up After Better-Than-Expected Earnings

New York Community Bancorp, Inc. (NYSE:NYCB) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $2.65, but opened at $3.19. New York Community Bancorp shares last traded at $3.20, with a volume of 21,542,266 shares changing hands.

The financial services provider reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.01. The company had revenue of $633.00 million for the quarter, compared to analysts’ expectations of $776.81 million. New York Community Bancorp had a net margin of 0.62% and a return on equity of 2.78%. The firm’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 EPS.

New York Community Bancorp Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, June 7th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, June 7th. This represents a $0.04 annualized dividend and a dividend yield of 1.19%. New York Community Bancorp’s payout ratio is 2,000.00%.

Wall Street Analysts Forecast Growth

NYCB has been the topic of several recent research reports. UBS Group cut shares of New York Community Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, January 8th. Jefferies Financial Group cut shares of New York Community Bancorp from a “buy” rating to a “hold” rating and lowered their price target for the company from $13.00 to $7.00 in a research report on Thursday, February 1st. TheStreet cut shares of New York Community Bancorp from a “b-” rating to a “c+” rating in a research report on Monday, February 5th. DA Davidson cut shares of New York Community Bancorp from a “buy” rating to a “neutral” rating and decreased their target price for the company from $8.50 to $5.00 in a research report on Thursday, February 8th. Finally, Royal Bank of Canada dropped their price target 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 report on Tuesday, April 9th. 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 stock. According to MarketBeat, New York Community Bancorp presently has an average rating of “Hold” and a consensus target price of $5.39.

Insider Buying and Selling at New York Community Bancorp

In related news, CEO Thomas R. Cangemi acquired 11,310 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was acquired at an average price of $4.41 per share, for a total transaction of $49,877.10. Following the purchase, the chief executive officer now owns 69,704 shares of the company’s stock, valued at approximately $307,394.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Thomas R. Cangemi acquired 11,310 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was acquired at an average price of $4.41 per share, for a total transaction of $49,877.10. Following the purchase, the chief executive officer now owns 69,704 shares of the company’s stock, valued at approximately $307,394.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Alessandro Dinello acquired 50,000 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was bought at an average price of $4.19 per share, with a total value of $209,500.00. Following the purchase, the chairman now directly owns 114,305 shares in the company, valued at approximately $478,937.95. The disclosure for this purchase can be found here. Insiders bought a total of 213,410 shares of company stock valued at $875,626 in the last three months. 1.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On New York Community Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in New York Community Bancorp by 7.5% during the third quarter. Wellington Management Group LLP now owns 67,668,954 shares of the financial services provider’s stock worth $767,366,000 after buying an additional 4,723,876 shares during the period. Norges Bank acquired a new position in shares of New York Community Bancorp in the fourth quarter valued at approximately $77,628,000. Westfield Capital Management Co. LP increased its holdings in shares of New York Community Bancorp by 154.0% in the third 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 during the period. Cannell & Co. increased its holdings 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 purchasing an additional 500,545 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of New York Community Bancorp by 0.7% in 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 purchasing an additional 33,122 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.

New York Community Bancorp Stock Performance

The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 337.00 and a beta of 0.95. The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 2.70. The stock has a fifty day moving average price of $3.38 and a 200-day moving average price of $7.07.

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.