NYCB Stock Receives Strong Buy Rating from Top-Rated Analysts

By Don Francis, Editor
July 30, 2023 6:34 AM UTC
NYCB Stock Receives Strong Buy Rating from Top-Rated Analysts

Raymond James's William Wallace raised their price target on New York Community Bancorp Inc (NYSE: NYCB) by 21.43% from $14.00 to $17.00 on 2023/07/28. The analyst maintained their Strong Buy rating on the stock.

After reviewing New York Community Bancorp's Q2 2023 earnings report, released on July 27, 2023, and participating in the earnings call, Wallace said it struck him that "management is clearly committed to enhancing the deposit franchise and has a number of tools at its disposal to execute that did not exist late last year."

JP Morgan's Steven Alexopoulos also issued an update on NYCB on July 28, 2023. That analyst raised their price target by 23.08% and upgraded their rating on the stock from Hold rating to Strong Buy.

According to data provided by WallStreetZen, 66.67% of top-rated analysts currently rate NYCB as a Strong Buy, 16.67% are calling the stock a Buy, 16.67% see it as a Hold, and no analysts either recommend or strongly recommend that investors sell the stock.

The consensus forecast among analysts is that NYCB's upcoming year will deliver earnings per share (EPS) of $1.32. If the analysts are right, NYCB's next yearly EPS will be down by 65.54% on a year-over-year basis.

Since NYCB's last quarterly report, the stock price is up 38.55%. Year-over-year, the stock is up 28.30%. During that period, NYCB is outpacing the S&P 500, which is up 13.88%.

New York Community Bancorp, Inc., the holding company for New York Community Bank, offers deposit products and loans in Metro New York, New Jersey, Ohio, Florida, and Arizona. The company also offers annuities, life and long-term care insurance, and mutual funds. New York Community Bancorp was founded in 1859 and is based in Hicksville, NY.

Many investors find analysts' recommendations and price targets to be useful data points. However, different investors have different priorities and risk profiles. All investors should conduct their own investment due diligence before buying a stock.

Is New York Community Bancorp a Buy, Hold or Sell?

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