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

New York Community Bancorp, Inc. (NYSE:NYCB)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. 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 traded.

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

New York Community Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Saturday, December 7th will be paid a dividend of $0.01 per share. 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 is currently -1.45%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of New York Community Bancorp from $11.50 to $12.50 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective on New York Community Bancorp from $11.25 to $33.75 and gave the stock a “market perform” rating in a report on Monday, July 15th. Barclays upgraded 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. StockNews.com upgraded New York Community Bancorp to a “sell” rating in a research note on Friday, July 19th. Finally, Raymond James raised shares of New York Community Bancorp from an “underperform” rating to a “market perform” rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.48.

Hedge Funds Weigh In On New York Community Bancorp

Institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its position in shares of New York Community Bancorp by 995.2% during the second quarter. Renaissance Technologies LLC now owns 4,116,786 shares of the financial services provider’s stock worth $13,256,000 after buying an additional 3,740,900 shares in the last quarter. Private Management Group Inc. grew its holdings in New York Community Bancorp by 1,639.1% during the 1st quarter. Private Management Group Inc. now owns 1,899,114 shares of the financial services provider’s stock worth $6,115,000 after acquiring an additional 1,789,914 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of New York Community Bancorp in the 2nd quarter worth about $5,401,000. SG Americas Securities LLC raised its stake in shares of New York Community Bancorp by 302.7% in the 2nd quarter. SG Americas Securities LLC now owns 1,681,490 shares of the financial services provider’s stock valued at $5,414,000 after purchasing an additional 1,263,905 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of New York Community Bancorp during the second quarter worth about $2,879,000. 67.88% of the stock is owned by institutional investors and hedge funds.

New York Community Bancorp Stock 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 firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of -3.82 and a beta of 1.00. The stock has a 50 day moving average of $11.11 and a 200 day moving average of $12.19.

New York Community Bancorp Company Profile

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.