FY2024 EPS Estimates for New York Community Bancorp, Inc. (NYSE:NYCB) Reduced by DA Davidson

New York Community Bancorp, Inc. (NYSE:NYCB) – DA Davidson cut their FY2024 earnings per share estimates for shares of New York Community Bancorp in a report issued on Thursday, May 2nd. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn ($0.43) per share for the year, down from their prior forecast of ($0.05). DA Davidson has a “Neutral” rating and a $5.00 price objective on the stock. The consensus estimate for New York Community Bancorp’s current full-year earnings is ($0.34) per share.

Other equities research analysts have also recently issued reports about the company. UBS Group cut New York Community Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, January 8th. Compass Point cut New York Community Bancorp from a “buy” rating to a “neutral” rating and dropped their target price for the company from $16.00 to $8.00 in a report on Thursday, February 1st. Jefferies Financial Group lowered 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. JPMorgan Chase & Co. lowered New York Community Bancorp from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.50 to $5.50 in a research report on Wednesday, February 7th. Finally, Wedbush raised New York Community Bancorp from an “underperform” rating to a “neutral” rating and upped their price target for the company from $3.00 to $3.50 in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.39.

New York Community Bancorp Price Performance

NYCB opened at $3.53 on Monday. The stock has a 50-day moving average price of $3.36 and a 200-day moving average price of $6.97. New York Community Bancorp has a 12-month low of $1.70 and a 12-month high of $14.22. The company has a current ratio of 1.18, a quick ratio of 1.17 and a debt-to-equity ratio of 2.70. The stock has a market capitalization of $2.82 billion, a P/E ratio of 353.00 and a beta of 0.95.

New York Community Bancorp (NYSE:NYCB) last announced its earnings results on Wednesday, May 1st. The financial services provider reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $633.00 million for the quarter, compared to analyst estimates of $776.81 million. New York Community Bancorp had a return on equity of 2.78% and a net margin of 0.62%. The company’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 EPS.

Institutional Trading of New York Community Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its stake in New York Community Bancorp by 10.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 311,898 shares of the financial services provider’s stock worth $3,537,000 after acquiring an additional 29,426 shares during the last quarter. Raymond James & Associates raised its stake in New York Community Bancorp by 6.9% in the 3rd quarter. Raymond James & Associates now owns 877,182 shares of the financial services provider’s stock worth $9,947,000 after acquiring an additional 56,390 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in New York Community Bancorp by 17.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 393,487 shares of the financial services provider’s stock worth $4,462,000 after purchasing an additional 57,159 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in New York Community Bancorp by 22.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 141,153 shares of the financial services provider’s stock worth $1,601,000 after purchasing an additional 25,788 shares during the period. Finally, Strs Ohio grew its position in New York Community Bancorp by 15.2% during the 3rd quarter. Strs Ohio now owns 151,997 shares of the financial services provider’s stock worth $1,723,000 after purchasing an additional 20,040 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Insider Activity

In other news, CEO Thomas R. Cangemi acquired 11,310 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average price of $4.41 per share, with a total value of $49,877.10. Following the completion of the purchase, the chief executive officer now directly owns 69,704 shares in the company, valued at $307,394.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Marshall Lux bought 27,100 shares of the stock in a transaction on Thursday, March 21st. The stock was bought at an average price of $3.69 per share, for a total transaction of $99,999.00. Following the completion of the acquisition, the director now directly owns 64,872 shares in the company, valued at $239,377.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas R. Cangemi bought 11,310 shares of the stock in a transaction on Friday, February 9th. The shares were bought at an average price of $4.41 per share, with a total value of $49,877.10. Following the acquisition, the chief executive officer now owns 69,704 shares of the company’s stock, valued at $307,394.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 213,410 shares of company stock valued at $875,626. 1.62% of the stock is currently owned by insiders.

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 paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.13%. New York Community Bancorp’s dividend payout ratio is 2,000.00%.

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.