New York Community Bancorp has not confirmed its next earnings publication date, but the company’s estimated earnings date is Thursday, October 24th, 2024 based off last year’s report dates. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Based on aggregate information from My MarketBeat watchlists, some other companies that New York Community Bancorp investors own include AT&T (T), AbbVie (ABBV), Bristol-Myers Squibb (BMY), Two Harbors Investment (TWO), Bank of America (BAC), General Electric (GE) and Annaly Capital Management (NLY). Top institutional shareholders of New York Community Bancorp include Bank of New York Mellon Corp (3.53%), Renaissance Technologies LLC (1.50%), Private Management Group Inc. (1.18%) and Principal Financial Group Inc. (0.96%).
Price vs Fair Value
Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC’s website, The bank is moving to raise more capital and shore up its balance sheet. In the second quarter, the bank sold $6.1 billion in mortgage warehouse loans, which it will use to pay down wholesale borrowings and fund future commercial and industrial loan growth. New York Community Bancorp, Inc. is the bank holding company for New York Community Bank.
Upcoming earnings
Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, announced in July that it would sell its residential mortgage servicing business, including mortgage servicing rights and the third-party origination platform, to Mr. Cooper Group for $1.4 billion. It expects to close the transaction in the fourth quarter of this year. In the fourth quarter, the bank reported a $260 million loss, primarily from two loans that accounted for $185 million of that loss. Over the past several years, banks’ commercial real estate exposure has come under the microscope. Shifting workplace trends have significantly impacted office real estate values, and rising interest rates have made it more expensive to finance commercial real estate transactions.
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- Following the sale of $5 billion of its mortgage warehouse loans to JPMorgan Chase, analysts at KBW told investors in a note that “This is arguably one of the more profitable businesses, in our view, and the path to a respectable return on tangible equity will continue to be difficult.”
- Shifting workplace trends have significantly impacted office real estate values, and rising interest rates have made it more expensive to finance commercial real estate transactions.
- The company provides deposit products ranging from interest-bearing checking and money market accounts to savings accounts, IRAs, and CDs.
Price Target and Rating
Insiders that own company stock include Lee Matthew Smith, Peter Schoels, Alessandro Dinello, Reginald E Davis, Thomas R Cangemi, Marshall Lux and Ronald A Rosenfeld. 133 employees have rated New York Community Bancorp Chief Executive Officer Joseph R. Ficalora on Glassdoor.com. Joseph R. Ficalora has an approval rating of 48% among the company’s employees.
The bank offers a wide range of real-estate-related loans including but not limited to multi-family loans, commercial real estate loans, construction loans, and consumer loans and mortgages. Investment products include annuities, mutual funds, and life insurance. Customers include individuals, small businesses, and organizations and are served through a network of more than 230 branches, and 300 ATMs, online, mobile, and by phone. Many of the locations are open 24 hours and 6 days a week although those hours are not available at all branches. In the second quarter, it completed a loan review across 75% of its commercial real estate portfolio. It has addressed some of the risks of these loans by doing additional charge-offs and building up its allowance for credit losses.
New York Community Bank is the nation’s 47th-largest financial institution and its largest thrift. As a thrift, the bank specializes in real estate and consumer accounts specifically real estate loans and savings accounts and has limited exposure to other forms of business banking. Among the benefits to consumers are interest-bearing checking and saving accounts that come with higher-than-average interest rates.
As of June 30, 2022, the multi-family loan portfolio accounted for more than 75% of all investments. The company has a stock purchase and dividend reinvestment plan that help to sustain a high level of ownership. Following the sale of its mortgage businesses and the reverse stock split, New York Community Bancorp expects a net loss of $2.20 to $2.30 per share this year, followed by a breakeven year next year. It hopes to turn a profit once again in 2026, and forecast earnings per share of $1.25 to $1.30. More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K/A for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and in other SEC reports we file.
Shares of New York Community Bancorp reverse split before market open on Wednesday, July 31st 2024. The number of shares owned by shareholders was adjusted after the closing bell on Tuesday, July 30th 2024. An investor that had 100 shares of stock prior to the reverse split would have 33 shares after the split. Operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators.
The bank is still at least a couple of years away from being profitable again, assuming its turnaround plans go smoothly. Therefore, I think it is still a few years away from being a worthwhile investment, and investors are best off avoiding the stock for now. New York Community Bancorp (NYCB 8.08%) has had quite a turbulent year, starting earlier this year when it took significant charge-offs on its loan portfolio, resulting in a surprising $2.7 billion fourth-quarter loss. The bank has overhauled its management team and taken steps to shore up its balance sheet. New York Community Bancorp (NYCB) shares fell Thursday after the troubled regional bank’s path to profitability was muddied by disappointing second-quarter earnings results. Enter your email address below to receive the latest news and analysts’ ratings for New York Community Bancorp and its competitors with MarketBeat’s FREE daily newsletter.
New York Community Bancorp and its underlying business carry investment-grade credit ratings from all the major rating agencies. The credit outlook in the 4th quarter of 2022 was stable as it had been for some time. In New York, it is a leader in the multi-family market specializing in lower-cost housing in rent-controlled areas.
In addition, the Bank has approximately 90 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses. New York Community Bancorp is improving its balance sheet and has shored up liquidity this year with the equity infusion and sales of its mortgage warehousing and mortgage servicing businesses. This is a necessary move but could be a drag on the business, as these were some of its more profitable endeavors. By now you have probably seen myriad headlines about an alarming level of risk that banks are facing from potential losses on their portfolios of loans secured by office buildings.
New York Community Bancorp (NYCB) released financial information about its March acquisition of certain assets of Signature Bridge Bank, the successor to Signature Bank, from that bank’s receiver, the… Regional lender New York Community Bancorp said on Monday it had closed the sale of about $5.9 billion in mortgage warehouse loans to Wall Street giant JPMorgan Chase. New York Community Bancorp’s unit Flagstar Bank is selling its residential mortgage servicing business to non-bank mortgage platform to Mr. Cooper for nearly $1.4 billion, it said on Thursday. NYCB were climbing on Friday, after the company reported its second-quarter results. The company had agreed in May to sell around $5 billion in mortgage ware… Few investors are aware of this tendency, much less act on it, because they instead focus on finding stocks that can outperform the market.
Much of its multi-family portfolio is subject to rent control regulations, making it harder for landlords to increase rents at a time when borrowing costs are high — which could trigger defaults if they are unable to meet their obligations. Since then, its CEO has stepped down and it has overhauled its executive leadership, raised equity capital, and sold off large chunks of its mortgage businesses. The bank is undergoing a multiyear process to rejuvenate its business. Here’s an in-depth look at its game plan and whether it’s a compelling investment opportunity today.
New York Community Bancorp’s one-for-three reverse stock split will become effective mid-to-late July, the regional lender said on Thursday. New York Community Bancorp, Inc. (NYCB) said it will go ahead with a 1-for-3 reverse stock split sometime mid-to-late July, after its board approved the move Wednesday. Both Mr. Raffetto and Mr. Gagnon were granted a one-time stock option grant to acquire 1,000,000 shares of the Company’s common stock.
Click the link below and we’ll send you MarketBeat’s guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise. New Rank-Based ScoringMarketRank™ is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company’s weighted average against that of other companies. New York Community Bancorp’s earnings are expected to grow from ($2.46) per share to $0.02 per share in the next year. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. © 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Liberty Strategic Capital on Monday disclosed it held a 7.7% stake in regional lender New York Community Bancorp as of June 7. New York Community Bancorp said on Thursday it acquired the assets of the failed Signature Bank with an estimated total fair value of $37.8 billion.
Brands under the company’s umbrella include AmTrust in Florida and Arizona, Ohio Savings Bank, Garden State Savings Bank, and Atlantic Bank. New York Community Bancorp Inc. said Thursday it plans to carry out a three-for-one reverse stock split in mid-to-late July. According to 15 analysts, the average rating for NYCB stock is “Hold.” The 12-month stock price forecast is $13.58, which is an increase of 33.14% from the latest price.
This puts Joseph R. Ficalora in the bottom 25% of approval ratings compared to other CEOs of publicly-traded companies. New York Community Bancorp’s stock was trading at $30.69 at the beginning of the year. Since then, NYCB shares have decreased by 68.9% and is now trading at $9.55.