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New York Community Bancorp Shares Sink As Q4 Performance Shakes Analyst Confidence

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New York Community Bancorp Inc (NYSE:NYCB) shares are trading lower after several analysts downgraded the stock following the fourth-quarter results.

Earlier this week, the bank reported revenue of $740 million, which missed the consensus estimate of $811.07 million, and an adjusted EPS loss of $(0.27), which missed forecasts for positive earnings of $0.28.

The company recorded a $552 million provision for loan losses in the fourth quarter and cut its quarterly dividend to $0.05 per share to help accelerate the building of capital to support its balance sheet.

The bank expects FY24 net interest income of $2.8 billion-$2.9 billion.  

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Wedbush analyst David J. Chiaverini reiterated Underperform rating with a price target of $6, citing the company’s …

Full story available on Benzinga.com

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