Any view on New York Community Bank? I am planning to buy some shares given the high dividend and long-term outlook for the regional bank. Much appreciated.
New York Community Bank, $15.01, symbol NYB on New York (Shares outstanding: 423.2 million; Market cap: $6.4 billion), is a holding company with two primary subsidiaries: It operates 243 community branches in New York City, Long Island, Westchester County, New Jersey, Ohio, Florida, and Arizona. It also operates 35 commercial branches that serve customers in Manhattan, Queens, Brooklyn, Westchester County and Long Island. Eighteen of these branches operate under the Atlantic Bank name.
New York Community Bank continues to grow by acquisition. That adds risk, but the company feels it is offsetting that risk by buying distressed assets at bargain prices. That includes the recent purchase of $11 billion in deposits from the U.S. Federal Deposit Insurance Corporation. The bank’s 6.7% dividend yield adds appeal.
New York Community Bank is okay to hold.
hold.
…
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