New York Community Bancorp (NYSE:NYCB) reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend.
New York Community Bancorp reported fourth-quarter revenue of $740 million, which missed the consensus estimate of $811.07 million, according to Benzinga Pro. The bank holding company also reported an adjusted loss of 27 cents per share, which missed estimates for positive earnings of 28 cents per share.
New York Community Bancorp said it recorded a $552 million provision for loan losses in the fourth quarter and cut its quarterly dividend to 5 cents per common share to help accelerate the building of capital to support its balance sheet.
New York Community Bancorp shares fell 37.7% to close at $6.47 on Wednesday.
These analysts made changes to their price targets on New York Community Bancorp after the company reported quarterly results.
- RBC Capital cut the price target on New York Community Bancorp from $13 to $7. RBC Capital analyst Steven Duong downgraded the stock from Outperform to Sector Perform.
- Jefferies slashed New York Community Bancorp price target from $13 to $7. Jefferies analyst Casey Haire downgraded the stock from Buy to Hold.
- Raymond James analyst Steve Moss downgraded New York Community from Strong Buy to Market Perform.
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