Wellington Management Co. LLP recently announced the acquisition of new stake in New York Community Bancorp Inc. (NYSE:NYCB). The institutional investor has increased its shareholding in the Financial company by 15.53% to 78.18 million shares with purchase of 10.51 million shares. This fresh investment now brings its stake to 10.82% valued currently at $741.1 million. In addition, SSgA Funds Management, Inc. raised its holdings by 1.4 million to 28.7 million shares. And Geode Capital Management LLC has lifted its position by 15.21% or 1.6 million shares – to 12.14 million shares.
With over 6.57 million New York Community Bancorp Inc. (NYCB) shares trading Monday and a closing price of $9.83 on the day, the dollar volume was approximately $64.59 million. The shares have shown a negative half year performance of -7.00% and its price on 12/04/23 lost nearly -0.91%. Currently, there are 722.49M common shares owned by the public and among those 708.67M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for NYCB have a consensus price objective of $12.71. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $8.00. The average price target is 22.66% above its recent price level and a downside to the estimated low will see the stock lose -22.88% over that period. But an upside of 38.56% will see the stock hit the forecast high price target while median target price for the stock is $13.00.
Insiders at the company have transacted a total of 70 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 679,719 shares. Insider sales of the common stock occurred on 39 occasions, with total insider shares sold totaling 402,971 shares.
The top 3 mutual fund holders in New York Community Bancorp Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 22.31 million shares of the company’s stock, all valued at over $211.51 million. Vanguard Total Stock Market ETF bought 30213.0 shares to see its total holdings expand to 21.38 million shares valued at over $202.66 million and representing 2.96% of the shares outstanding. Vanguard Small Cap Index Fund bought 38488.0 shares to bring its total holdings to over 17.7 million shares at a value of $167.8 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.45% of the shares outstanding.
Shares of New York Community Bancorp Inc. (NYSE: NYCB) opened at $9.81, down -$0.11 from a prior closing price of $9.92. However, the script later moved the day high at 9.97, down -0.91%. The company’s stock has a 5-day price change of 6.85% and -18.15% over the past three months. NYCB shares are trading 14.30% year to date (YTD), with the 12-month market performance up to 6.96% higher. It has a 12-month low price of $5.81 and touched a high of $14.22 over the same period. NYCB has an average intraday trading volume of 9.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.24%, -2.45%, and -5.70% respectively.
Institutional ownership of New York Community Bancorp Inc. (NYSE: NYCB) shares accounts for 70.35% of the company’s 722.49M shares outstanding. Mutual fund holders own 3.90%, while other institutional holders and individual stakeholders account for 41.37% and 29.31% respectively.
It has a market capitalization of $7.10B and a beta (3y monthly) value of 1.09. The stock’s trailing 12-month PE ratio is 2.46, while the earnings-per-share (ttm) stands at $4.00. The company has a debt-to-equity ratio at 1.37. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.69% over the week and 3.06% over the month.
Analysts forecast that New York Community Bancorp Inc. (NYCB) will achieve an EPS of $NorthEast Community Bancorp, In for the current quarter, $16.95 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $American Strategic Investment C while analysts give the company a high EPS estimate of $TAYLOR CALVIN B BANKSHARES INC. Comparatively, EPS for the current quarter was $Your Community Bankshares, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 216.03%, and -65.47% over the next financial year. EPS should shrink at an annualized rate of -0.30% over the next five years, compared to 6.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate New York Community Bancorp Inc. (NYCB) as a “Strong Buy” at a consensus score of 1.68. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 4 of the 19 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NYCB, a number of firms have released research notes about the stock. Wedbush stated their Underperform rating for the stock in a research note on November 14, 2023, with the firm’s price target at $12-$8.
