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

New York Community Bancorp (NYSE:NYCB) released its quarterly earnings report on Friday, revealing a loss of ($0.69) earnings per share (EPS). This result fell significantly short of the consensus estimate of ($0.40) by a margin of ($0.29). On the revenue front, the company generated $1.65 billion during the quarter, far exceeding analyst predictions of $621.72 million. However, New York Community Bancorp experienced a negative net margin of 10.78% and a negative return on equity of 4.49%. During the same quarter last year, the company had reported earnings of $1.08 per share.

Price Performance of New York Community Bancorp

On the trading day following the earnings announcement, shares of New York Community Bancorp dropped by $0.95, settling at $10.55. The volume of shares traded reached 18,531,372, significantly higher than the average of 8,349,230. The company currently maintains a fifty-day moving average of $11.11 and a two-hundred-day average of $12.17. With a market capitalization of $4.38 billion, its price-to-earnings (P/E) ratio stands at -3.83, and its stock carries a beta of 1.00. Over the past year, New York Community Bancorp has seen its shares hit a low of $5.10 and a high of $34.47. The firm possesses a debt-to-equity ratio of 3.66, with a current ratio of 1.27 and a quick ratio of 1.17.

Dividend Announcement from New York Community Bancorp

In addition to its earnings report, the company has also announced a quarterly dividend. This dividend will be distributed on Tuesday, December 17th, to investors who are on record as of Saturday, December 7th. The dividend amount is set at $0.01 per share, which annualizes to $0.04, yielding a rate of 0.38%. The firm's payout ratio currently stands at -1.45%.

Growth Forecasts from Wall Street Analysts

New York Community Bancorp has recently been the focus of numerous research reports. Raymond James upgraded the firm’s rating from "underperform" to "market perform" on September 17th. On July 26th, Wedbush reaffirmed a "neutral" rating and set a target price of $31.50 for the company's shares. StockNews.com rated New York Community Bancorp as a "sell" on July 19th, while Citigroup raised its price objective from $10.50 to $12.00 with a "neutral" rating on July 3rd. Barclays also upgraded its rating from "equal weight" to "overweight," with a price objective increase from $10.00 to $14.00 on September 26th. Currently, one analyst has given the stock a "sell" rating, while thirteen analysts suggest holding, and two have issued buy recommendations. MarketBeat indicates an average rating of "Hold" for the stock with a consensus 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 firm provides a variety of banking products and services throughout the United States, including deposit products such as interest-bearing checking, money market accounts, savings accounts, non-interest-bearing accounts, retirement accounts, and certificates of deposit.

Earnings, Stock, Finance