S&P Capital IQ Downgrades NY Community Bancorp From HOLD to SELL

October 21 00:00 2011

NEW YORK, October 21 (RainbowNewsLine.com) – Analyst Erik Oja of S&P Capital IQ downgrades NY Community Bancorp (NYSE: NYB) from HOLD to SELL. The target price is reduced from $17 to $11.

Analyst Erik Oja, in a research note published yesterday mentions that the company reported Q3 results short of the estimates due to lower than expected net interest income. The 2011 & 12 EPS is reduced from $1.14 to $1.10 and from $1.30 to $1.05, respectively, reflecting Q3 results, lower loan growth forecast, and burden on NYB’s net interest margin, the analyst says. The target price is lowered with forward four-quarter EPS of $1.06 owing to positives such as high credit quality and a dividend yield of 8.2%., the analyst adds.