Form 8-K NEW YORK COMMUNITY BANCO For: Jan 31
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RBC Capital on New York Community Bancorp (NYCB): 'results were weaker than expected'
January 31, 2024 9:15 AM ESTRBC Capital analyst Steven Duong reiterated an Outperform rating and $13.00 price target on New York Community Bancorp (NYSE: NYCB).
The analyst comments "4Q23 reported loss per share of $0.27, consensus EPS of $0.36. The primary reason for the loss was a larger than expected provision for credit losses. This was a major negative surprise. The company also reduced its common dividend from $0.17 per quarter to $0.05 per share. This was another major negative surprise. Overall, results... More
JPMorgan on New York Community Bancorp (NYCB): 'quite a bit to unpack'
January 31, 2024 9:13 AM ESTJPMorgan analyst Steven Alexopoulos reiterated an Overweight rating on New York Community Bancorp (NYSE: NYCB).
The analyst comments "Core EPS of ($0.27) well below Street expectations. NYCB reported 4Q23 EPS of ($0.36). At first blush, core EPS appear in the ($0.27) range, which was well below our forecast of $0.30 as well as consensus at $0.29. Compared with our 4Q23 forecast, the wide miss was driven by provision expense being reported $509mm above our forecast (detracted $0.54) while PTPP income was reported $50mm below our projection (detracted $0.05). In the final quarter of 2023, the company took several (and decisive)... More
New York Community Bancorp (NYCB) Continues to Plunge, Down 39% After Cutting Dividend and Reporting Loss
January 31, 2024 9:06 AM ESTNew York Community Bancorp (NYSE: NYCB) Continues to Plunge, Down 39% After Cutting Dividend and Reporting Loss
CEO COMMENTARY
"In 2023, New York Community reached an inflection point in its transformation to a dynamic, full-service commercial bank," said President and Chief Executive Officer Thomas R. Cangemi. "We reported an increase in net income available to common stockholders, diversified our balance sheet with commercial loans now representing almost 50% of our total loans, and increased the percentage of non-interest-bearing deposits. In addition, we have made terrific progress integrating Flagstar Bank, meeting every milestone... More
