Wedbush Starts New York Community Bancorp (NYCB) at Neutral
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Wedbush initiates coverage on New York Community Bancorp (NYSE: NYCB) with a Neutral rating and a price target of $15.00.
Analyst Peter Winter commented, "NYCB is in the precarious position of holding back asset growth to avoid crossing $50 billion in assets and becoming a SIFI bank until they close the AF acquisition. We believe this will be an accretive acquisition and lead to the resumption of balance sheet growth. However, there are a few near-term overhangs, including 1) will NYCB receive Fed approval to close AF by year-end (which we believe will happen), 2) NYCB’s large CRE concentration, 3) not positioned for rising rates, and 4) Flat EPS growth will continue through 2H16."
Shares of New York Community Bancorp closed at $14.13 yesterday.
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