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

New York Community Bancorp (NYSE:NYCB) announced its quarterly earnings results on Friday. The financial services company reported earnings per share (EPS) of ($0.69) for the quarter, which fell short of the consensus estimate of ($0.40) by a margin of ($0.29). According to RTT News, the firm's revenue was $1.65 billion, significantly exceeding the analyst expectations of $621.72 million. The financial results also revealed a negative return on equity of 4.49% and a negative net margin of 10.78%. For the same quarter last year, New York Community Bancorp reported an EPS of $1.08.

Price Performance of New York Community Bancorp

On the day the earnings were released, shares of New York Community Bancorp fell by $0.95, closing at $10.55. Trading volume for the day reached 18,531,372 shares, well above the average volume of 8,349,230 shares. The company has a fifty-day moving average of $11.11 and a two-hundred-day moving average of $12.17. With a market capitalization of $4.38 billion, New York Community Bancorp has a price-to-earnings (P/E) ratio of -3.83 and a beta of 1.00. The stock has seen a fifty-two week low of $5.10 and a high of $34.47. The company's debt-to-equity ratio stands at 3.66, alongside a current ratio of 1.27 and a quick ratio of 1.17.

Dividend Announcement

Furthermore, New York Community Bancorp announced a quarterly dividend, which is scheduled to be paid on Tuesday, December 17th. Shareholders registered as of Saturday, December 7th, will receive a dividend of $0.01 per share. This equates to an annualized dividend of $0.04, representing a yield of 0.38%. The company's payout ratio is currently -1.45%.

Analyst Forecasts for Growth

In recent weeks, Wall Street analysts have been sharing their insights on New York Community Bancorp. Raymond James has upgraded the shares from an "underperform" rating to a "market perform" rating. Similarly, Wedbush maintained a "neutral" rating with a target price of $31.50 on July 26th. StockNews.com has rated New York Community Bancorp as a "sell" since July 19th, while Citigroup adjusted their price target from $10.50 to $12.00 and kept a "neutral" rating on the stock as of July 3rd. Additionally, Barclays upgraded the company from an "equal weight" rating to an "overweight" rating, raising their price target from $10.00 to $14.00 on September 26th. Currently, the stock is rated as a "Hold" on average, with one analyst recommending a sell, 13 issuing a hold rating, and two giving a buy rating, according to MarketBeat data.

About New York Community Bancorp

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

Earnings, Banking, Stocks