New York Community Bancorp (NYSE:NYCB) Trading Down 5% Following Analyst Downgrade

New York Community Bancorp, Inc. (NYSE:NYCB)’s share price dropped 5% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $5.00 to $4.00. Royal Bank of Canada currently has a sector perform rating on the stock. New York Community Bancorp traded as low as $3.03 and last traded at $3.06. Approximately 8,881,872 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 37,188,023 shares. The stock had previously closed at $3.22.

Several other equities analysts have also weighed in on the company. Jefferies Financial Group lowered New York Community Bancorp from a “buy” rating to a “hold” rating and cut their target price for the company from $13.00 to $7.00 in a report on Thursday, February 1st. Barclays initiated coverage on 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. Deutsche Bank Aktiengesellschaft lowered New York Community Bancorp from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $15.00 to $7.00 in a research note on Friday, February 2nd. Keefe, Bruyette & Woods lowered New York Community Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $14.00 to $12.00 in a research note on Monday, December 18th. Finally, Bank of America lowered New York Community Bancorp from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $8.50 to $5.00 in a research note on Wednesday, February 7th. Three analysts have rated the stock with a sell rating and thirteen have given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.43.

Insider Buying and Selling at New York Community Bancorp

In related news, Director Peter Schoels acquired 100,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $4.15 per share, with a total value of $415,000.00. Following the completion of the acquisition, the director now owns 147,438 shares of the company’s stock, valued at $611,867.70. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Lee Matthew Smith acquired 25,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $4.05 per share, with a total value of $101,250.00. Following the completion of the acquisition, the executive vice president now owns 1,440,683 shares of the company’s stock, valued at $5,834,766.15. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter Schoels bought 100,000 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $4.15 per share, with a total value of $415,000.00. Following the purchase, the director now directly owns 147,438 shares of the company’s stock, valued at approximately $611,867.70. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 213,410 shares of company stock valued at $875,626. 1.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NYCB. Versant Capital Management Inc raised its stake in shares of New York Community Bancorp by 3,583.0% in the first quarter. Versant Capital Management Inc now owns 8,250 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 8,026 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of New York Community Bancorp in the second quarter valued at approximately $27,000. Orion Capital Management LLC bought a new position in shares of New York Community Bancorp in the third quarter valued at approximately $28,000. Loomis Sayles & Co. L P bought a new position in shares of New York Community Bancorp in the third quarter valued at approximately $29,000. Finally, Lazard Asset Management LLC bought a new position in shares of New York Community Bancorp in the fourth quarter valued at approximately $29,000. Institutional investors own 67.88% of the company’s stock.

New York Community Bancorp Stock Down 6.5 %

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 firm’s 50-day moving average is $4.18 and its two-hundred day moving average is $8.03. The stock has a market cap of $2.40 billion, a P/E ratio of 0.91, a PEG ratio of 4.65 and a beta of 0.91.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings data 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). New York Community Bancorp had a return on equity of 6.22% and a net margin of 28.96%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $935.90 million. During the same quarter last year, the firm earned $0.25 EPS. On average, equities research analysts anticipate that New York Community Bancorp, Inc. will post 0.07 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 Wednesday, February 28th. Investors of record on Wednesday, February 14th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 6.64%. The ex-dividend date was Tuesday, February 13th. New York Community Bancorp’s dividend payout ratio (DPR) is presently 6.01%.

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.