Royal Bank of Canada Initiates Coverage on New York Community Bancorp (NYSE:NYCB)

Stock analysts at Royal Bank of Canada initiated coverage on shares of New York Community Bancorp (NYSE:NYCB) in a report issued on Friday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $12.00 price target on the financial services provider’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 14.07% from the stock’s previous close.

Several other research firms also recently weighed in on NYCB. B. Riley set a $75.00 price objective on Comerica and gave the company a “hold” rating in a report on Thursday. TheStreet upgraded SUMMIT THERAPEU/S from a “d” rating to a “c-” rating in a research note on Thursday, June 13th. Jefferies Financial Group lifted their target price on Las Vegas Sands from $57.00 to $69.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Zacks Investment Research lowered GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 2nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $12.28.

NYCB stock opened at $10.52 on Friday. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.31 and a quick ratio of 1.31. The company has a 50-day moving average price of $9.99. The company has a market capitalization of $4.92 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.37 and a beta of 0.98. New York Community Bancorp has a 1-year low of $8.61 and a 1-year high of $12.72.

New York Community Bancorp (NYSE:NYCB) last released its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19. The firm had revenue of $266.11 million during the quarter, compared to the consensus estimate of $268.24 million. New York Community Bancorp had a return on equity of 6.65% and a net margin of 22.65%. The firm’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. On average, analysts predict that New York Community Bancorp will post 0.77 EPS for the current year.

In related news, Director Hanif Dahya bought 1,640 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were bought at an average price of $26.31 per share, for a total transaction of $43,148.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.31% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of NYCB. Mirae Asset Global Investments Co. Ltd. grew its position in shares of New York Community Bancorp by 155.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,130 shares of the financial services provider’s stock worth $585,000 after purchasing an additional 37,804 shares in the last quarter. Commonwealth Bank of Australia grew its position in shares of New York Community Bancorp by 16.2% during the 4th quarter. Commonwealth Bank of Australia now owns 111,060 shares of the financial services provider’s stock worth $1,041,000 after purchasing an additional 15,500 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of New York Community Bancorp by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,340,979 shares of the financial services provider’s stock worth $97,303,000 after purchasing an additional 292,953 shares in the last quarter. Brown Advisory Inc. grew its position in shares of New York Community Bancorp by 2.0% during the 4th quarter. Brown Advisory Inc. now owns 148,035 shares of the financial services provider’s stock worth $1,393,000 after purchasing an additional 2,875 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of New York Community Bancorp by 8.0% during the 4th quarter. Geode Capital Management LLC now owns 5,174,238 shares of the financial services provider’s stock worth $48,816,000 after purchasing an additional 382,396 shares in the last quarter. Institutional investors and hedge funds own 63.04% of the company’s stock.

New York Community Bancorp Company Profile

New York Community Bancorp, Inc operates as a bank holding company for New York Community Bank that provides banking products and services in Metro New York, New Jersey, Ohio, Florida, and Arizona. The company offers various deposit products, including interest-bearing checking and money market, savings, non-interest-bearing, and individual retirement accounts, as well as certificates of deposit.

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Analyst Recommendations for New York Community Bancorp (NYSE:NYCB)

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