Credit Suisse Asumes New York Community Bancorp (NYB) at Outperform
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Price: $12.54 -1.95%
Rating Summary:
1 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Credit Suisse assumes coverage on New York Community Bancorp (NYSE: NYB) with a Outperform rating and $19 price target.
"While competition remains high in their markets, multi-family activity is picking up and NYB is positioned to gain share," analyst M. Orenbuch said. "First quarter originations were strong; representing the highest loan production volume in several years and NYB's loan pipeline is at the highest levels since 2004. We believe that NYB can generate solid loan and balance sheet growth over the next three years, which will drive stronger ROTEs and EPS growth. We consider the stock's risk/reward profile attractive, given expectations of improving profitability and EPS growth, combined with NYB's current dividend yield of 6%. "
The firm the key catalysts is the accelerating activity in multi-family market which should support stronger loan growth trends. They see increasing loan demand momentum in 2011 into 2012.
For more ratings news on New York Community Bancorp click here and for the rating history of New York Community Bancorp click here.
Shares of New York Community Bancorp closed at $16.22 yesterday.
"While competition remains high in their markets, multi-family activity is picking up and NYB is positioned to gain share," analyst M. Orenbuch said. "First quarter originations were strong; representing the highest loan production volume in several years and NYB's loan pipeline is at the highest levels since 2004. We believe that NYB can generate solid loan and balance sheet growth over the next three years, which will drive stronger ROTEs and EPS growth. We consider the stock's risk/reward profile attractive, given expectations of improving profitability and EPS growth, combined with NYB's current dividend yield of 6%. "
The firm the key catalysts is the accelerating activity in multi-family market which should support stronger loan growth trends. They see increasing loan demand momentum in 2011 into 2012.
For more ratings news on New York Community Bancorp click here and for the rating history of New York Community Bancorp click here.
Shares of New York Community Bancorp closed at $16.22 yesterday.
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