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Standpoint Research Lifts Target on New York Community Bancorp (NYB) to $16

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November 16, 2009 9:32 AM EST

Standpoint Research raised its price target on New York Community Bancorp (NYSE: NYB) from $14 to $16, maintaining their Buy rating.

The firm said, "NYB is breaking out technically on an absolute and relative basis. The $1.00 dividend [now with a yield of 8.7%] appears to be safe and investors are chasing and will most likely continue to chase this stock until the yield drops to ~ 6.5% ... that would drive the shares, now at $11.52, to $16.00. NPAs represent 1.04% of total assets and NPLs represented 1.49% of NYB’s total loans. If we compare this with 462 banks and thrifts reporting, the SNL Bank and Thrift Index measures were 2.72% and 3.05%, respectively."