New York Community Bancorp (NYSE:NYCB) Shares Gap Down on Disappointing Earnings

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 the consensus estimate of ($0.40) by ($0.29). New York Community Bancorp had a negative return on equity of 4.49% and a negative net margin of 10.78%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $621.72 million. During the same quarter in the previous year, the firm earned $1.08 EPS.

New York Community Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Saturday, December 7th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.38%. New York Community Bancorp’s dividend payout ratio is currently -1.45%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. raised their price objective on New York Community Bancorp from $11.50 to $12.50 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Citigroup lifted their price target on New York Community Bancorp from $10.50 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 3rd. Raymond James raised New York Community Bancorp from an “underperform” rating to a “market perform” rating in a report on Tuesday, September 17th. Barclays raised shares of New York Community Bancorp from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $10.00 to $14.00 in a report on Thursday, September 26th. Finally, Wedbush reiterated a “neutral” rating and set a $31.50 price target on shares of New York Community Bancorp in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, New York Community Bancorp presently has a consensus rating of “Hold” and a consensus target price of $17.48.

Institutional Investors Weigh In On New York Community Bancorp

Several institutional investors have recently made changes to their positions in NYCB. Bank of New York Mellon Corp boosted its stake in shares of New York Community Bancorp by 9.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,654,656 shares of the financial services provider’s stock worth $31,088,000 after acquiring an additional 844,785 shares in the last quarter. Kahn Brothers Group Inc. boosted its position in New York Community Bancorp by 0.9% during the first quarter. Kahn Brothers Group Inc. now owns 6,213,289 shares of the financial services provider’s stock worth $20,007,000 after purchasing an additional 53,275 shares in the last quarter. Renaissance Technologies LLC grew its holdings in New York Community Bancorp by 995.2% in the second quarter. Renaissance Technologies LLC now owns 4,116,786 shares of the financial services provider’s stock valued at $13,256,000 after purchasing an additional 3,740,900 shares during the last quarter. Private Management Group Inc. increased its position in shares of New York Community Bancorp by 69.4% in the second quarter. Private Management Group Inc. now owns 3,216,505 shares of the financial services provider’s stock valued at $10,357,000 after buying an additional 1,317,391 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of New York Community Bancorp by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 2,718,179 shares of the financial services provider’s stock worth $8,753,000 after buying an additional 66,219 shares during the last quarter. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

New York Community Bancorp Stock Down 8.3 %

The company has a debt-to-equity ratio of 3.66, a quick ratio of 1.17 and a current ratio of 1.27. The firm’s 50-day moving average is $11.11 and its 200 day moving average is $12.19. The firm 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.