Wedbush Research Analysts Cut Earnings Estimates for New York Community Bancorp, Inc. (NYSE:NYCB)

New York Community Bancorp, Inc. (NYSE:NYCB) – Stock analysts at Wedbush decreased their Q2 2024 earnings per share estimates for New York Community Bancorp in a report released on Wednesday, May 1st. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of ($0.04) for the quarter, down from their previous forecast of $0.07. Wedbush has a “Neutral” rating and a $3.50 price target on the stock. The consensus estimate for New York Community Bancorp’s current full-year earnings is ($0.34) per share. Wedbush also issued estimates for New York Community Bancorp’s Q3 2024 earnings at ($0.03) EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.35) EPS, Q3 2025 earnings at $0.11 EPS, Q4 2025 earnings at $0.12 EPS and FY2025 earnings at $0.35 EPS.

Several other research analysts also recently issued reports on NYCB. JPMorgan Chase & Co. downgraded New York Community Bancorp from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $11.50 to $5.50 in a research note on Wednesday, February 7th. Barclays began coverage on shares of New York Community Bancorp in a research note on Friday, March 8th. They issued an “equal weight” rating and a $4.00 price objective on the stock. Piper Sandler raised New York Community Bancorp from a “neutral” rating to an “overweight” rating and set a $4.00 target price for the company in a research report on Wednesday, May 1st. Jefferies Financial Group cut New York Community Bancorp from a “buy” rating to a “hold” rating and decreased their price target for the company from $13.00 to $7.00 in a research note on Thursday, February 1st. Finally, TheStreet lowered New York Community Bancorp from a “b-” rating to a “c+” rating in a research note on Monday, February 5th. Two equities 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 company. Based on data from MarketBeat.com, New York Community Bancorp currently has an average rating of “Hold” and a consensus target price of $5.39.

New York Community Bancorp Price Performance

Shares of NYCB opened at $3.53 on Monday. 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 market cap of $2.82 billion, a PE ratio of 353.00 and a beta of 0.95. New York Community Bancorp has a 12-month low of $1.70 and a 12-month high of $14.22. The business has a 50-day simple moving average of $3.36 and a two-hundred day simple moving average of $6.97.

New York Community Bancorp (NYSE:NYCB) last posted 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. New York Community Bancorp had a net margin of 0.62% and a return on equity of 2.78%. The firm had revenue of $633.00 million for the quarter, compared to analysts’ expectations of $776.81 million. During the same quarter in the previous year, the firm posted $0.23 earnings per share. The company’s revenue was down 76.1% on a year-over-year basis.

New York Community Bancorp Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, June 7th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date is Thursday, June 6th. New York Community Bancorp’s dividend payout ratio (DPR) is currently 2,000.00%.

Insiders Place Their Bets

In other news, Director Peter Schoels bought 100,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average cost of $4.15 per share, for a total transaction of $415,000.00. Following the acquisition, the director now directly owns 147,438 shares in the company, valued at $611,867.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Peter Schoels acquired 100,000 shares of the stock in a transaction dated Friday, February 9th. The stock was purchased at an average cost of $4.15 per share, with a total value of $415,000.00. Following the completion of the purchase, the director now directly owns 147,438 shares in the company, valued at approximately $611,867.70. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Lee Matthew Smith acquired 25,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were bought at an average price of $4.05 per share, for a total transaction of $101,250.00. Following the completion of the purchase, the executive vice president now owns 1,440,683 shares in the company, valued at approximately $5,834,766.15. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 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

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in New York Community Bancorp in the fourth quarter worth $77,628,000. Wellington Management Group LLP boosted its holdings in shares of New York Community Bancorp by 7.5% in 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 buying an additional 4,723,876 shares during the last quarter. Westfield Capital Management Co. LP grew its position in New York Community Bancorp by 154.0% during 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 buying an additional 3,114,070 shares during the period. Goldman Sachs Group Inc. increased its holdings in New York Community Bancorp by 353.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,830,195 shares of the financial services provider’s stock worth $28,953,000 after buying an additional 2,206,140 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its position in New York Community Bancorp by 187.4% in the fourth quarter. Rafferty Asset Management LLC now owns 2,466,622 shares of the financial services provider’s stock worth $25,234,000 after acquiring an additional 1,608,267 shares during the period. 67.88% of the stock is owned by 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.