New York Community Bancorp (NYSE:NYCB) Shares Gap Down After Earnings Miss

Shares of New York Community Bancorp, Inc. (NYSE:NYCB) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $11.50, but opened at $10.82. New York Community Bancorp shares last traded at $10.63, with a volume of 3,591,111 shares.

The financial services provider reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.29). The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $621.72 million. New York Community Bancorp had a negative net margin of 10.78% and a negative return on equity of 4.49%. During the same period last year, the business posted $1.08 earnings per share.

New York Community Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Saturday, December 7th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.38%. New York Community Bancorp’s dividend payout ratio (DPR) is presently -1.45%.

Analyst Ratings Changes

Several research firms recently commented on NYCB. Barclays upgraded New York Community Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $10.00 to $14.00 in a research report on Thursday, September 26th. StockNews.com upgraded New York Community Bancorp to a “sell” rating in a report on Friday, July 19th. Citigroup increased their price target on New York Community Bancorp from $10.50 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. Wedbush reaffirmed a “neutral” rating and set a $31.50 price objective on shares of New York Community Bancorp in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of New York Community Bancorp from $11.25 to $33.75 and gave the company a “market perform” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.48.

Hedge Funds Weigh In On New York Community Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirador Capital Partners LP bought a new position in New York Community Bancorp in the first quarter worth approximately $358,000. SeaCrest Wealth Management LLC grew its position in shares of New York Community Bancorp by 36.0% during the 1st quarter. SeaCrest Wealth Management LLC now owns 27,711 shares of the financial services provider’s stock worth $89,000 after buying an additional 7,335 shares in the last quarter. Kovack Advisors Inc. increased its stake in shares of New York Community Bancorp by 13.1% during the first quarter. Kovack Advisors Inc. now owns 57,553 shares of the financial services provider’s stock valued at $185,000 after buying an additional 6,681 shares during the period. First Trust Direct Indexing L.P. bought a new stake in shares of New York Community Bancorp in the first quarter valued at about $47,000. Finally, Principal Financial Group Inc. lifted its stake in New York Community Bancorp by 2.5% in the first quarter. Principal Financial Group Inc. now owns 2,718,179 shares of the financial services provider’s stock worth $8,753,000 after acquiring an additional 66,219 shares during the period. 67.88% of the stock is currently owned by institutional investors.

New York Community Bancorp Trading Down 8.3 %

The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 3.66. The stock’s 50 day moving average is $11.11 and its two-hundred day moving average is $12.19. The company has a market capitalization of $4.38 billion, a PE ratio of -3.82 and a beta of 1.00.

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.