New York Community Bancorp (NYCB) call put ratio 1 call to 2.7 puts

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Jefferies Comments on New York Community Bancorp (NYCB)

March 6, 2024 4:14 PM EST

Jefferies analyst Casey Haire reiterated a Hold rating and $7.00 price target on New York Community Bancorp (NYSE: NYCB)

The analyst comments "NYCB announced ~$1B PIPE deal involving four blue chip institutional investors, installed former OCC vet/OneWest CEO Joseph Otting as CEO, and reshuffled the Board. Deal terms are vague, but if we assume all $1B fully converts to common, we derive $6.73 tangible BV (34% dilution) and a ~100bp boost to CET1 ratio to 10.2%. No update on deposits/credit quality, but "smart money" capital raise plus changes to C-suite/Board should take bear... More