Zacks Investment Research lowered shares of New York Community Bancorp, Inc. (NYSE:NYCB) from a hold rating to a sell rating in a report issued on Wednesday.

According to Zacks, “New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. The Company has two bank subsidiaries: New York Community Bank, with 178 branches serving customers throughout Metro New York and New Jersey; and New York Commercial Bank, with 36 branches serving customers in Manhattan, Queens, Brooklyn, Long Island, and Westchester County in New York. Reflecting its growth through a series of acquisitions, the Community Bank operates through five local divisions: Queens County Savings Bank in Queens, Roslyn Savings Bank on Long Island, Richmond County Savings Bank on Staten Island, Roosevelt Savings Bank in Brooklyn, and Garden State Community Bank in New Jersey. Similarly, the Commercial Bank operates 17 of its branches under the name Atlantic Bank. “

Other analysts have also issued reports about the stock. Morgan Stanley reissued an equal weight rating and issued a $13.75 price target (down from $14.00) on shares of New York Community Bancorp in a research report on Friday, July 7th. BidaskClub raised shares of New York Community Bancorp from a sell rating to a hold rating in a research report on Tuesday. ValuEngine lowered shares of New York Community Bancorp from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, Piper Jaffray Companies reissued a sell rating and issued a $11.00 price target on shares of New York Community Bancorp in a research report on Tuesday, September 19th. Three research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. The stock presently has an average rating of Hold and an average target price of $13.61.

Shares of New York Community Bancorp (NYCB) traded up 0.16% during trading on Wednesday, reaching $12.89. 3,168,027 shares of the company traded hands. The firm has a market capitalization of $6.30 billion, a PE ratio of 14.03 and a beta of 0.59. The firm has a 50-day moving average price of $12.26 and a 200-day moving average price of $13.11. New York Community Bancorp has a 12 month low of $11.67 and a 12 month high of $17.68.

New York Community Bancorp (NYSE:NYCB) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $338.21 million during the quarter, compared to analyst estimates of $326.36 million. New York Community Bancorp had a net margin of 25.67% and a return on equity of 7.46%. During the same period in the prior year, the firm earned $0.26 earnings per share. Equities research analysts anticipate that New York Community Bancorp will post $0.79 EPS for the current year.

WARNING: “New York Community Bancorp, Inc. (NYCB) Cut to Sell at Zacks Investment Research” was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this article on another site, it was copied illegally and republished in violation of U.S. and international copyright laws. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/09/30/new-york-community-bancorp-inc-nycb-cut-to-sell-at-zacks-investment-research.html.

A number of institutional investors and hedge funds have recently modified their holdings of NYCB. BlackRock Inc. raised its position in New York Community Bancorp by 6,643.8% during the first quarter. BlackRock Inc. now owns 51,206,275 shares of the financial services provider’s stock valued at $715,351,000 after acquiring an additional 50,446,961 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in New York Community Bancorp by 176.3% during the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 10,500,000 shares of the financial services provider’s stock valued at $137,865,000 after acquiring an additional 6,700,000 shares in the last quarter. Vanguard Group Inc. raised its position in New York Community Bancorp by 4.6% during the first quarter. Vanguard Group Inc. now owns 39,860,379 shares of the financial services provider’s stock valued at $556,850,000 after acquiring an additional 1,759,241 shares in the last quarter. Dimensional Fund Advisors LP raised its position in New York Community Bancorp by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 5,311,010 shares of the financial services provider’s stock valued at $69,738,000 after acquiring an additional 1,517,864 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in New York Community Bancorp by 1,031.7% during the second quarter. Russell Investments Group Ltd. now owns 1,104,261 shares of the financial services provider’s stock valued at $14,500,000 after acquiring an additional 1,006,684 shares in the last quarter. 57.49% of the stock is currently owned by hedge funds and other institutional investors.

About New York Community Bancorp

New York Community Bancorp, Inc is a multi-bank holding company. The Company operates through its subsidiaries, New York Community Bank (the Community Bank) and New York Commercial Bank (the Commercial Bank) (collectively, the Banks). The Company’s operations are divided into two segments: Banking Operations and Residential Mortgage Banking.

Get a free copy of the Zacks research report on New York Community Bancorp (NYCB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for New York Community Bancorp (NYSE:NYCB)

Receive News & Stock Ratings for New York Community Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New York Community Bancorp Inc. and related stocks with our FREE daily email newsletter.