New York Community Bancorp, Inc. (NYSE:NYCB – Get Free Report)’s share price was up 32.5% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $3.63 and last traded at $3.51. Approximately 59,897,947 shares were traded during mid-day trading, an increase of 76% from the average daily volume of 34,104,777 shares. The stock had previously closed at $2.65.
The financial services provider reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The business’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share.
New York Community Bancorp Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, June 7th will be given a $0.01 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.04 annualized dividend and a dividend yield of 1.13%. New York Community Bancorp’s dividend payout ratio is presently 2,000.00%.
Analyst Upgrades and Downgrades
Read Our Latest Stock Analysis on New York Community Bancorp
Insider Buying and Selling
In other New York Community Bancorp news, CEO Thomas R. Cangemi bought 11,310 shares of New York Community Bancorp stock in a transaction dated Friday, February 9th. The stock was bought at an average price of $4.41 per share, with a total value of $49,877.10. Following the completion of the transaction, the chief executive officer now owns 69,704 shares in the company, valued at approximately $307,394.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other New York Community Bancorp news, CEO Thomas R. Cangemi bought 11,310 shares of the stock in a transaction dated Friday, February 9th. The shares were bought at an average cost of $4.41 per share, with a total value of $49,877.10. Following the completion of the acquisition, the chief executive officer now owns 69,704 shares of the company’s stock, valued at $307,394.64. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Alessandro Dinello purchased 50,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was acquired at an average price of $4.19 per share, with a total value of $209,500.00. Following the completion of the transaction, the chairman now owns 114,305 shares of the company’s stock, valued at approximately $478,937.95. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 213,410 shares of company stock valued at $875,626. Insiders own 1.62% of the company’s stock.
Hedge Funds Weigh In On New York Community Bancorp
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its holdings in shares of New York Community Bancorp by 10.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 311,898 shares of the financial services provider’s stock worth $3,537,000 after buying an additional 29,426 shares in the last quarter. Mission Wealth Management LP acquired a new position in New York Community Bancorp during the third quarter worth about $227,000. FinTrust Capital Advisors LLC lifted its holdings in shares of New York Community Bancorp by 36.0% in the third quarter. FinTrust Capital Advisors LLC now owns 7,321 shares of the financial services provider’s stock worth $83,000 after acquiring an additional 1,938 shares during the last quarter. Raymond James & Associates boosted its stake in shares of New York Community Bancorp by 6.9% in the 3rd quarter. Raymond James & Associates now owns 877,182 shares of the financial services provider’s stock valued at $9,947,000 after purchasing an additional 56,390 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of New York Community Bancorp by 17.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 393,487 shares of the financial services provider’s stock valued at $4,462,000 after purchasing an additional 57,159 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.
New York Community Bancorp Stock Performance
The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 353.00 and a beta of 0.95. 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 stock’s 50-day moving average is $3.36 and its 200-day moving average is $7.02.
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.
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