New York Community Bancorp (NYSE:NYCB) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of New York Community Bancorp (NYSE:NYCB) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm currently has $4.00 target price on the financial services provider’s stock.

A number of other analysts have also weighed in on NYCB. StockNews.com upgraded shares of New York Community Bancorp to a sell rating in a research report on Monday, April 29th. Raymond James lowered New York Community Bancorp from a market perform rating to an underperform rating and set a $3.00 price objective on the stock. in a research report on Monday, March 18th. TheStreet downgraded New York Community Bancorp from a b- rating to a c+ rating in a research report on Monday, February 5th. Deutsche Bank Aktiengesellschaft cut New York Community Bancorp from a buy rating to a hold rating and reduced their price target for the stock from $15.00 to $7.00 in a report on Friday, February 2nd. Finally, Barclays started coverage on shares of New York Community Bancorp in a report on Friday, March 8th. They issued an equal weight rating and a $4.00 price objective for the company. Two research 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. According to MarketBeat.com, New York Community Bancorp currently has an average rating of Hold and an average price target of $5.39.

New York Community Bancorp Price Performance

New York Community Bancorp stock opened at $3.53 on Wednesday. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.17 and a current ratio of 1.18. New York Community Bancorp has a 52 week low of $1.70 and a 52 week high of $14.22. The stock has a market capitalization of $2.82 billion, a P/E ratio of 353.00 and a beta of 0.95. The stock has a fifty day moving average of $3.36 and a 200-day moving average of $7.02.

New York Community Bancorp (NYSE:NYCB) last issued its earnings results on Wednesday, May 1st. The financial services provider reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.01. New York Community Bancorp had a return on equity of 2.78% and a net margin of 0.62%. The firm had revenue of $633.00 million during the quarter, compared to the consensus estimate of $776.81 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The business’s quarterly revenue was down 76.1% on a year-over-year basis. On average, sell-side analysts expect that New York Community Bancorp will post -0.08 earnings per share for the current fiscal year.

New York Community Bancorp Cuts Dividend

The business also recently disclosed 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. This represents a $0.04 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Friday, June 7th. New York Community Bancorp’s dividend payout ratio (DPR) is 2,000.00%.

Insider Activity at New York Community Bancorp

In related news, CEO Thomas R. Cangemi purchased 11,310 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $4.41 per share, with a total value of $49,877.10. Following the completion of the purchase, the chief executive officer now owns 69,704 shares in the company, valued at approximately $307,394.64. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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. Also, CEO Thomas R. Cangemi purchased 11,310 shares of New York Community Bancorp stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average cost of $4.41 per share, with a total value of $49,877.10. Following the transaction, the chief executive officer now owns 69,704 shares in the company, valued at approximately $307,394.64. The disclosure for this purchase can be found here. Insiders have purchased 213,410 shares of company stock worth $875,626 in the last quarter. Company insiders own 1.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Orion Capital Management LLC bought a new position in New York Community Bancorp in the 3rd quarter valued at about $28,000. Loomis Sayles & Co. L P purchased a new stake in shares of New York Community Bancorp in the third quarter worth approximately $29,000. Naples Money Management LLC bought a new position in shares of New York Community Bancorp in the fourth quarter valued at approximately $30,000. Authentikos Wealth Advisory LLC purchased a new position in shares of New York Community Bancorp during the third quarter valued at approximately $35,000. Finally, Wetzel Investment Advisors Inc. bought a new stake in New York Community Bancorp during the fourth quarter worth $40,000. 67.88% of the stock is currently owned by institutional investors and hedge funds.

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.