New York Community Bancorp, the Westbury-based holding company for New York Community Bank and New York Commercial Bank, has had its target price upgraded from $19 to $20 by two analysts who met with company management last Wednesday and Thursday.
Luckily I can feel young without a convertible. I was thinking more along the lines of a Toyota Avalon. Intend to
drive cross country making stops at all the Harrah's properties along the way(comped of course)and the Avalon is a really comfortable car. Would get too much sun with a convertible. Fair skin & burn easily. Thanks for the suggestion tho and enjoy your convertible!
in my humble opinion this is a nice little bank with decent if not perfect management and when the tide turns and the yield curve gets back to normal things will look up here. until then it's three things volitility, volitility, and volitility. good luck all..mw
Thanks for the offer bankmama but I'll pass on the scotch.
Don't know where you came up with 300 shares but you are way off......I plan on retiring in 2 yrs and my shares will pay off my mortgage and also buy me my retirement car.
I don't claim to be an expert...MY gut told me to buy this stock and every divy check just increases my clear profit!
I am always willing to learn more and have really enjoyed the posts of last week. Divy will increase....just a matter of time. Good luck to all longs!!
ok boys....let's all calm down and u better go out and start buying me my scotch...lol
first of all....not of us have inside information, my GUT...let me type that again....MY GUT tells me this puppy is being looked at for one reason and one reason only, its brick and motar franchise...the numbers suck but just think...one weekend....200+ sign changes and poof...a bank that starts with a "w" has a foothold in the NY area (not wamu...u know...the one who stated they are increasing there front line banking staff by 312% over the next 18 months and ny is one of their target markets...why i do not know..over saturated to say the least ).. deals are done for all sorts of reasons and if you ask me.....senior mgt is packaging this bank for sale...ok...merger (although they better clean up the bal sheet...just my opinion boys....just my opinion.
and carol...i know u r out there...keep dreaming your divi is going to increase.....anytime you want a lesson in banking 101...u just let me know...and bring your calculator :) sorry....but you have no finance background...just your 300 shares which i know you did well on since 1993. and if it does increase i'll buy you a bottle of scotch...lol
YOU ARE A STINKING LIAR and i hate liars. Who pays you to write this crap?
As of June 30, before the financial crisis got up a head of steam, NYB had $3,324,847 in mortgage-backed securities. As of June 30, this portfolio was already well underwater. That is more than $10/share, as compared to $2.77
book value, mtm.
Anyone who risks 100% of principal for a 6% yield is falling for one of the oldest con games games in the world.
Go to "SEC Filings" on Yahoo, bring up latest 10Q (that's the latest quarterly filing) and look for yourselves (i've copied the assets Koleff says don't exist below).
Koleff, you are a liar and a pumper dumper. At least bankmama realizes this is garbage, hopefully she and the rest of you will protect your principal and forego the next expected but as yet undeclared quarterly 1.5% dividend by selling your stock and sitting out the financial crisis.
Cash and cash equivalents
Securities available for sale:
Mortgage-related securities ($1,505,952 and $1,592,064 pledged, respectively)
Other securities ($352,524 and $102,067 pledged, respectively)
Securities held to maturity:
Mortgage-related securities ($1,191,113 and $1,374,806 pledged, respectively; fair value of $1,188,183 and $1,272,546, respectively)
Other securities ($856,147 and $1,155,070 pledged, respectively; fair value of $1,616,177 and $1,593,023, respectively)
Loans, net of deferred loan fees and costs
Less: Allowance for loan losses
Federal Home Loan Bank of New York stock, at cost
Premises and equipment, net
Core deposit intangibles
Bank-owned life insurance (�BOLI�)
Swan and Bankmama:
The beat goes on...... You guys say the same thing about the book value, and sub-prime issues and CMO issues and $17.75/share is a good price to exit this stock, blah blah blah.
Bottom line, all long term holders have been receiving a $1.00/share dividend every year for a very long time while you guys are calculating "book value" and calculating Swan's favorite phrase "TBV."
You are very mistaken if you think that long term holders are hoping and praying for someone to take out NYB at a higher price. Long-term investors of NYB, who are "in the know," realize that this company is going to increase their earnings sequentially year after year going forward because NYB DID NOT MAKE SUBPRIME LOANS AND IS NOT INVOLVED IN CMO INVESTMENTS. Therefore, when the roof really caves in on the lending institutions that participated in risky lending practices, NYB will be there to clean up the mess. Additionally, their growth strategy of buying banks which are immediately accretive to earnings, will further their earnings growth and dividend support.
Regarding "due diligence," I would caution the message post readers of NYB to do your own research and don't rely on what I say or on Swan and Bankmama's favorite phrase of book value and TBV.
i wouldn't think of flirting with you, i'm just impressed you got the $2.77 or $2.79 book value right. you earned your bottle of scotch [if they don't cut the dividend] 'cause you took the time to do the numbers and because you are so charming.
in this crisis NO bank can buy NYB at a price anyone on this thread would find acceptable, imo. the due-diligence is simply too tough a job because no one can price their portfolio. also i do not recall any bank ever paying 6.2 x tangible book in a takeover. i'd be blown away if that happened in the midst of a cmo meltdown where there is no liquid market for much of the paper they own. i've been studying banks for 15 years and these are not great days for banks, especially leveraged banks with no raison d'etre. the only thing this bank has going for it is that it has a fat dividend. and that is at risk, imo.
watching CNBC, kramer just reminded his flock not to listen to or give out tips. kramer is a funny guy but i agree with him here so i would encourage you not to spread your thoughts that there is "due-diligence going on," even if you believe it, especially since, imo, the most logical due-diligence is apt to be more negative than positive for shareholders.
i continue to think that $17.50 is a MARVELOUS price to exit this stock in this financial environment, and if i hear that the kahn bros are savvy investors one more time i may just blow lunch. at least they were smart enough to have sold stock last quarter although i can't imagine what possessed them to be here in the first place. if they were managing my money and i saw this turd in my portfolio i'd fire their asses. they've been pumping this stock for years. i remember them publicly pumping CRZY, a tiny bank with less than a $20 million cap. no respectable asset manager pumps a company that small. they've sold their CRZY stock. they are not the sharpest tools in the shed.
"discretion is the greater part of valor." & "he who learns to run away lives to play another day" come to mind.
so you longs, just remember to sue stifel nicolaus if something bad happens. and bankmama, even if you think you know there is due-diligence going on, that's wouldn't be public info and you shouldn't be talking about it.
swan...r u flirting with me...lol
i think we should all lighten up...this stock (as an investment) is bad and going no where fast. most of us would not even be here if it was not for the divi
i think we all agree...better places to make some $$$ then nyb. last time i was in one of their branches (4+ months ago) the average age of the retail customer seemed to be over 60...no innovation as far as products.....confused image by keeping multiple names...no clear direction on the retail front...high turnover...poor quality of client facing employees....this is not the way to build a franchise and imo they will be gobbled up soon...219 branches...whoa...baby someone is looking at them and my gut tells me due diligence is going on now....if it was not for their balance sheet they probably would have been gobbled up already...just my opinion boys...keep the bottles of scotch coming :)