Standpoint Research Upgrades New York Community Bancorp (NYB) to Buy
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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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Standpoint Research upgraded New York Community Bancorp (NYSE: NYB) from Hold to Buy with a price target of $16.
The firm comments: "NYB shares have dropped by 25% since our February 2010 downgrade. Since the downgrade NYB has underperformed the XLF by more than 1000 bps and underperformed the S&P-500 by more than 3000 bps. The shares are now trading where they were when we made the original recommendation in September 2009 and can be reinstated. NYB pays a $0.25 quarterly dividend and the yield is currently at 8%. Fair value for NYB is in the mid-to high-teens for whoever can wait for the environment to improve. The stock will move before the fundamentals do so we prefer to be a bit early versus a bit late. In the mean time, you get paid to wait."
For an analyst ratings summary and ratings history on New York Community Bancorp click here. For more ratings news on New York Community Bancorp click here.
Shares of New York Community Bancorp closed at $11.85 yesterday.
The firm comments: "NYB shares have dropped by 25% since our February 2010 downgrade. Since the downgrade NYB has underperformed the XLF by more than 1000 bps and underperformed the S&P-500 by more than 3000 bps. The shares are now trading where they were when we made the original recommendation in September 2009 and can be reinstated. NYB pays a $0.25 quarterly dividend and the yield is currently at 8%. Fair value for NYB is in the mid-to high-teens for whoever can wait for the environment to improve. The stock will move before the fundamentals do so we prefer to be a bit early versus a bit late. In the mean time, you get paid to wait."
For an analyst ratings summary and ratings history on New York Community Bancorp click here. For more ratings news on New York Community Bancorp click here.
Shares of New York Community Bancorp closed at $11.85 yesterday.
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