Shares of New York Community Bancorp (NYSE: NYCB) jumped 6% on Thursday, building on the momentum from the company’s recent announcement. The bank revealed on Wednesday that it secured an equity investment exceeding $1 billion from prominent investors such as Liberty Strategic Capital, Hudson Bay, and Reverence Capital.
This development prompted several analysts to reevaluate their stance on NYCB stock. BofA Securities chose to maintain a Neutral rating for New York Community Bancorp, holding the institution to a consistent price target of $5.00.
The financial institution emphasized that the recent infusion of capital, coupled with trust from investors in the financial services and real estate sectors is expected to grant management the essential time and flexibility for a potential turnaround.
Morgan Stanley also adjusted its perspective on NYCB stock, revising the bank’s price target from $6.00 to $4.00 while retaining its Equal-weight rating. Furthermore, Deutsche Bank reiterated its Hold rating on New York Community Bancorp (NYCB), maintaining a price target of $5.00.
However, JPMorgan reiterated a Neutral rating on NYCB shares, choosing to adopt a cautious stance and await further details emerging from the conference call.
New York Community Bancorp (NYSE: NYCB) Stock Reaction
NYCB stock surged 5.78% to close at $3.66 on Thursday. The traders had exchanged hands with 132,093,099 (132.09 million) shares compared to the average daily trading volume of 32.05 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
