New York Community Bancorp (NYSE:NYCB) Trading Up 32.5% Following Strong Earnings

New York Community Bancorp, Inc. (NYSE:NYCB)’s share price shot up 32.5% on Wednesday following a stronger than expected earnings report. The company traded as high as $3.63 and last traded at $3.51. 59,897,947 shares were traded during mid-day trading, an increase of 76% from the average session volume of 34,104,777 shares. The stock had previously closed at $2.65.

The financial services provider reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.01. The firm had revenue of $633.00 million during the quarter, compared to analysts’ expectations of $776.81 million. New York Community Bancorp had a net margin of 0.62% and a return on equity of 2.78%. New York Community Bancorp’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS.

New York Community Bancorp Cuts Dividend

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft cut shares of New York Community Bancorp from a “buy” rating to a “hold” rating and lowered their target price for the company from $15.00 to $7.00 in a research note on Friday, February 2nd. StockNews.com upgraded New York Community Bancorp to a “sell” rating in a research report on Monday. Bank of America cut New York Community Bancorp from a “buy” rating to a “neutral” rating and lowered their price target for the company from $8.50 to $5.00 in a research report on Wednesday, February 7th. Morgan Stanley lowered their target price on New York Community Bancorp from $6.00 to $4.00 and set an “equal weight” rating on the stock in a report on Thursday, March 7th. Finally, Wedbush upgraded shares of New York Community Bancorp from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $3.00 to $3.50 in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, New York Community Bancorp presently has a consensus rating of “Hold” and a consensus price target of $5.39.

Insider Buying and Selling

In other New York Community Bancorp news, CEO Thomas R. Cangemi bought 11,310 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were bought at an average price of $4.41 per share, for a total transaction of $49,877.10. Following the acquisition, the chief executive officer now directly owns 69,704 shares of the company’s stock, valued at $307,394.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Thomas R. Cangemi purchased 11,310 shares of the stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $4.41 per share, for a total transaction of $49,877.10. Following the acquisition, the chief executive officer now directly owns 69,704 shares in the company, valued at approximately $307,394.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Matthew Smith acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price 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 approximately $5,834,766.15. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 213,410 shares of company stock valued at $875,626. Corporate insiders own 1.62% of the company’s stock.

Institutional Investors Weigh In On New York Community Bancorp

Several large investors have recently made changes to their positions in NYCB. International Assets Investment Management LLC increased its holdings in shares of New York Community Bancorp by 1,237.8% during the 4th quarter. International Assets Investment Management LLC now owns 484,124 shares of the financial services provider’s stock valued at $47,324,000 after acquiring an additional 447,937 shares during the last quarter. Nordea Investment Management AB bought a new position in shares of New York Community Bancorp in the fourth quarter valued at approximately $1,755,000. AQR Capital Management LLC lifted its stake in shares of New York Community Bancorp by 212.7% in the third quarter. AQR Capital Management LLC now owns 1,982,700 shares of the financial services provider’s stock worth $22,444,000 after buying an additional 1,348,601 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of New York Community Bancorp by 79.2% during the 4th quarter. Pacer Advisors Inc. now owns 108,619 shares of the financial services provider’s stock worth $1,111,000 after buying an additional 47,996 shares during the period. Finally, State of Michigan Retirement System grew its stake in New York Community Bancorp by 7.9% in the 4th quarter. State of Michigan Retirement System now owns 173,343 shares of the financial services provider’s stock valued at $1,773,000 after buying an additional 12,700 shares during the last quarter. Institutional investors own 67.88% of the company’s stock.

New York Community Bancorp Stock Up 4.7 %

The company has a current ratio of 1.18, a quick ratio of 1.17 and a debt-to-equity ratio of 2.70. The firm’s fifty day moving average is $3.36 and its 200 day moving average is $7.02. The stock has a market cap of $2.82 billion, a P/E ratio of 353.00 and a beta of 0.95.

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.