The stock of New York Community Bancorp, Inc. (NYSE:NYCB) is now priced at $8.89 and the shares are -0.16 points down or -1.77% lower compared to its previous closing price of $9.05. The stock had 5.791 million contracts set over the past session. NYCB shares’ daily volume is compared to its average trading volume at 3.748 million shares. However, it has a float of 448 million and although its performance was -3.79% over the week, it’s one to watch. Analysts have given the NYCB stock a yearly average price target of $12 per share. It means the stock’s upside potential is 34.98% with the NYCB share price recently placing at $8.8799 to $9.02. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the New York Community Bancorp, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NYCB shares have declined. Short interest in the stock represents just 5.32% of its float, but the volume has dropped by 0.
In the last trading session, New York Community Bancorp, Inc. (NYSE:NYCB) dropped by -$0.35 over the week and lost -$1.12 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.79. The stock recorded its established 52-week high on 10/29/19.
Since 04/03/20, the stock has traded to a low of $8.19 at 8.61%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.86. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, New York Community Bancorp, Inc.’s two-week RSI is 34.13. This suggests that the stock is neutral at the moment and that NYCB shares’ price movement remains stable. The stochastic readings are equally revealing at 3.69% meaning the NYCB share price is currently in overbought territory.
The technical chart shows that the NYCB stock will likely settle at between $8.98 and $9.07 per share. However, if the stock dips below $8.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.79.
Currently, the stock is trading in the red of MACD, with a reading of -0.1. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned NYCB a rating of Neutral in their intiating review released on April 14. RBC Capital Mkts analysts upgraded their recommendation of the stock from Sector Perform to Outperform while keeping its target price at $12 in a flash note released to investors on April 13. B. Riley FBR seeing the improvements upgraded the stock from Neutral to Buy on April 13, placing it at $11.50 to $13.
The average rating for the NYCB equity is 2.53 and is currently gathering a bullish momentum. Of 17 analysts tracking New York Community Bancorp, Inc. polled by Reuters, 9 rated NYCB as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NYCB stock price is 8.8X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 11.3 below the group’s average of 14.6. New York Community Bancorp, Inc. has its P/E ratio at 0.7, which means that the stock is currently trading at a discount relative to the 0.9 industry average.