NYCB - New York Community Bancorp Takes 'Positive Step' But 'Path Ahead Remains Uncertain' Analysts Warn | Benzinga
Regional banking company New York Community Bancorp (NYSE:NYCB) has been increasingly volatile after announcing a new $1 billion equity infusion from investors and changes to its management.
Analysts size up the changes and what a recent company update means for the stock going forward.
The New York Community Bancorp Analysts:
- Wedbush analyst David J. Chiaverini has an Underperform rating and price target of $3.
- DA Davidson analyst Peter J. Winter has a Neutral rating and price target of $4.
- Bank of America analyst Ebrahim H. Poonawala has a Neutral rating and lowers the price target from $5 to $4.25.
- JPMorgan analyst Steven Alexopoulos has a Neutral rating and withdraws a previous price target of $5.50.
Related Link: Mnuchin Sees Opportunity To Turn New York Community Bancorp Into ‘Very Attractive’ Regional Bank, Highlights Valuation Upside
Wedbush on NYCB: The conference call from the bank showed deposits down modestly, Chiaverini said in an updated investor note.
"Our takeaways from the deal remain largely the same: this is very dilutive, but necessary deal for NYCB in order to shore up its capital base and reassure depositors," Chiaverini said after the company's conference call.
The analyst said the banking company plans to provide more clarity on its strategic actions in April. Chiaverini said the actions could include asset sales and a reduction in commercial real estate concentration.
DA Davidson on NYCB: The hiring of Joseph Otting, who was introduced as CEO on the call, is well suited for a turnaround, Winter said.
The ...