In a report released yesterday, Steve Moss from B.Riley FBR reiterated a Hold rating on NY Community (NYCB), with a price target of $12. The company’s shares closed yesterday at $11.63.
Moss observed:
“NYCB reported 1Q19 results of $0.19 per share. Excluding severance and branch rationalization expenses, we peg core EPS at $0.20, a penny above our estimate and that of consensus. The quarter was marked by lower than expected expenses and continued NIM compression due to higher funding costs. While NIM pressure should begin to abate due to a more dovish Fed and NYCB continues to aggressively reduce expenses, the inverted curve has resulted in lower investment securities balances than we had expected, which tempers our EPS outlook. Additionally, loan spreads remain narrow and such conditions are unlikely to change without a steeper curve. We reiterate our Neutral rating which reflects NYCB’s attractive dividend yield (~6%), despite a 27% premium valuation at 14.3x our 2019 estimate. We maintain our $12 PT .”
According to TipRanks.com, Moss is a 3-star analyst with an average return of 1.2% and a 50.0% success rate. Moss covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, Bridgewater Bancshares Inc, and Meta Financial Group.
Currently, the analyst consensus on NY Community is a Hold with an average price target of $12.13.
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The company has a one-year high of $12.72 and a one-year low of $8.61. Currently, NY Community has an average volume of 5.77M.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NYCB in relation to earlier this year.
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New York Community Bancorp, Inc. engages in the production of multi-family loans on non-luxury rent-regulated buildings that feature below-market rents. It offers financial products and services to individuals and businesses. The company was founded on July 20, 1993 and is headquartered in Westbury, NY.
