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New York Community Bancorp (NYSE: NYCB) saw its shares rise by 8% after Barclays upgraded the bank’s rating from “Equal Weight” to “Overweight” with a price target of $14. The firm highlighted that while there are still challenges to overcome, the bank is now “more firmly positioned” and is showing signs of progress with recent senior lender hires.
Barclays’ new price target indicates a potential upside of around 31.33% from the current stock price, suggesting a positive outlook for New York Community Bancorp’s future.
In its last earnings report on July 25th, NYCB disclosed a quarterly EPS of ($3.15), which fell short of analysts’ expectations by ($1.89). The company reported revenue of $671 million for the quarter, a decline of 44.2% compared to the previous year, as it missed analyst projections of $722.47 million. The financial services provider recorded a negative net margin of 10.78% and a negative return on equity of 4.49%.
Despite these challenges, analysts expect New York Community Bancorp to post an EPS of -2.43 for the current fiscal year, as the bank looks to strengthen its position and focus on future growth.