New York Community Bancorp Reports Earnings Results, Falls Short of Expectations

New York Community Bancorp (NYSE:NYCB) released its quarterly earnings on Friday, and the results did not meet analyst expectations. The financial services company reported earnings of ($0.69) per share (EPS) for the quarter, which fell short of the consensus estimate of ($0.40) by a significant margin of ($0.29), as reported by RTT News. Despite this, the company saw a noteworthy revenue achievement of $1.65 billion for the quarter, surpassing analyst predictions that had anticipated revenue of $621.72 million. However, the financial performance showed a negative net margin of 10.78% and a negative return on equity of 4.49%. When compared to the same quarter from the previous year, the company experienced a declining trend, as it had reported earnings of $1.08 per share last year.

Stock Performance of New York Community Bancorp

Following the announcement, shares of New York Community Bancorp saw a decline, dropping $0.95 during trading on Friday, which brought the stock price down to $10.55. The trading volume reached 18,531,372 shares, which is a noticeable increase compared to the company's average trading volume of 8,349,230 shares. The company's fifty-day moving average stands at $11.11 while the two-hundred-day moving average is $12.17. Presently, New York Community Bancorp holds a market capitalization of $4.38 billion, with a price-to-earnings (P/E) ratio of -3.83 and a beta of 1.00. The stock has seen a low of $5.10 and a high of $34.47 over the past 52 weeks. The company also demonstrates a debt-to-equity ratio of 3.66, a current ratio of 1.27, and a quick ratio of 1.17.

Dividend Announcement by New York Community Bancorp

In addition to the earnings report, the company has also declared a quarterly dividend that is set to be paid on Tuesday, December 17th. Shareholders who are recorded as of Saturday, December 7th, will receive a dividend of $0.01 per share. This results in an annualized dividend of $0.04, representing a yield of 0.38%. Currently, New York Community Bancorp's payout ratio is recorded as -1.45%.

Future Growth Forecast by Analysts

Recently, New York Community Bancorp has attracted the attention of various research analysts. For instance, Raymond James upgraded the stock from an "underperform" rating to a "market perform" rating just a few weeks ago. Similarly, Wedbush maintained a "neutral" rating while establishing a target price of $31.50 for the stock. On the other hand, StockNews.com has given New York Community Bancorp a "sell" rating. Citigroup raised its price target on the stock from $10.50 to $12.00, also providing a "neutral" rating. Furthermore, Barclays upgraded its rating from "equal weight" to "overweight" and increased its price target from $10.00 to $14.00. Currently, among the analysts monitoring New York Community Bancorp, one has issued a sell rating, 13 recommend holding the stock, and two analysts rate it as a buy. According to MarketBeat data, the stock presently has an average rating of "Hold" with an average target price of $17.48.

About New York Community Bancorp

New York Community Bancorp, Inc. operates as the bank holding company for Flagstar Bank, N.A. The financial institution provides a wide range of banking products and services across the United States, including various types of deposit products such as interest-bearing checking accounts, money market accounts, savings accounts, non-interest-bearing accounts, retirement accounts, and certificates of deposit.

Earnings, Stock, Finance