Form 8-K NEW YORK COMMUNITY BANCO For: Mar 01
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New York Community Bancorp (NYCB) PT Lowered to $4 at Morgan Stanley, 'unclear how much deposit runoff has occurred'
March 7, 2024 4:51 AM ESTMorgan Stanley analyst Manan Gosalia lowered the price target on New York Community Bancorp (NYSE: NYCB) to $4.00 (from $6.00) while maintaining a Equalweight rating.
The analyst comments (emphasis SI) "Proposed transaction details. NYCB plans to raise $1.05 bil in the form of common stock at $2.00 and convertible preferred stock with an exercise price of $2.00. The company did not disclose the breakdown between common and preferred equity, but given that the stock closed today at $3.46 ,we assume that all of the preferred would be converted to common and model a share count increase of $1.05 bil / $2.00... More
New York Community Bancorp (NYCB) PT Lowered to $3.50 at Citi, 'Prefer L/T Outlook to N/T'
March 7, 2024 4:47 AM ESTCiti analyst Keith Horowitz lowered the price target on New York Community Bancorp (NYSE: NYCB) to $3.50 (from $5.00) while maintaining a Neutral rating.
The analyst comments "We view the $1.05 bil investment and appointment of CEO Joseph Otting as incrementally positive, but without... More
BofA Securities on New York Community Bancorp (NYCB): 'Actions provide breathing room'
March 7, 2024 4:46 AM ESTBofA Securities analyst Ebrahim Poonawala reiterated a Neutral rating and $5.00 price target on New York Community Bancorp (NYSE: NYCB).
The analyst comments "We believe that the capital injection combined with the credibility of the investor base in the financial services and real estate (important given NYCBs... More
Raymond James on New York Community Bancorp (NYCB): 'Capital Raise Stabilizes Balance Sheet as a Long Work Out Begins'
March 7, 2024 4:45 AM ESTRaymond James analyst Steve Moss reiterated a Market Perform rating and {REMOVEPT} price target on New York Community Bancorp (NYSE: NYCB)
The analyst comments "NYCBs capital raise is a positive step that buys the bank a considerable amount of time to work out a number of credit issues that we believe are NYCB specific. In particular, the bank has a surprisingly large interest-only multi-family... More
JPMorgan on New York Community Bancorp (NYCB): 'more questions than answers remaining at this juncture'
March 7, 2024 4:44 AM ESTJPMorgan analyst Steven Alexopoulos reiterated a Neutral rating and {REMOVEPT} price target on New York Community Bancorp (NYSE: NYCB)
The analyst comments "On Wednesday, New York Community announced that it is raising $1.05B in equity combined from institutional investors including former U.S. Treasury Secretary Steve Mnuchins Liberty Strategic Capital ($450mm), Hudson Bay ($250mm), and Reverence Capital ($200mm), among others. As part of the combined $1.05B equity raise, New York Community will issue and sell the shares of common stock at $2.00/share and a series of convertible preferred stock with a conversion price of... More
Piper Sandler on New York Community Bancorp (NYCB): 'capital raise will alleviate investor and depositor concerns'
March 7, 2024 4:42 AM ESTPiper Sandler analyst Mark Fitzgibbon reiterated a Neutral rating and $5.00 price target on New York Community Bancorp (NYSE: NYCB)
The analyst comments "We believe the capital raise will alleviate investor and depositor concerns. The group leading the capital raise included: Liberty Strategic Capital ($450 million),... More
Jefferies Comments on New York Community Bancorp (NYCB)
March 6, 2024 4:14 PM ESTJefferies 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
