Compass Point maintains a 'Neutral' on New York Community Bancorp (NYB); Shares Looking Overvalued
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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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Compass Point maintains a 'Neutral' on New York Community Bancorp (NYSE: NYB).
Analyst, Mike Turner, said, "We continue to view shares of NYB as over-valued at the current level. The low rate environment, coupled with increased competition in NYB's home multi-family turf should continue to be a headwind to net interest income growth. With new origination yields nearly 100 bps below the current loan portfolio (excluding prepay fees), and little savings opportunity on the funding side since 1/3 is fixed with high prepay fees, we expect net interest income likely peaked in 4Q11...Despite our view on valuation, there is not enough downside to our price target to warrant a Sell rating at the current price."
"We increase our FY12 and FY13 EPS estimates from $1.03 and $1.02 to $1.09 and $1.04, respectively. The increase is largely due to higher mortgage banking activity."
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 $13.33 yesterday.
Analyst, Mike Turner, said, "We continue to view shares of NYB as over-valued at the current level. The low rate environment, coupled with increased competition in NYB's home multi-family turf should continue to be a headwind to net interest income growth. With new origination yields nearly 100 bps below the current loan portfolio (excluding prepay fees), and little savings opportunity on the funding side since 1/3 is fixed with high prepay fees, we expect net interest income likely peaked in 4Q11...Despite our view on valuation, there is not enough downside to our price target to warrant a Sell rating at the current price."
"We increase our FY12 and FY13 EPS estimates from $1.03 and $1.02 to $1.09 and $1.04, respectively. The increase is largely due to higher mortgage banking activity."
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 $13.33 yesterday.
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