....heck, I'm in.
NYB does a good chunk of rent controlled housing finance and has earnings that (barely as of now) seem to be able to support the divy. While I'll never understand why people work so hard to try and afford the NYC area the fact is millions do & as we recover NYB hopefully will benefit. In the meantime if the co. can continue to support the divy there are many worse places to invest IMHO.
Good Luck to all,
So why did the stock drop from 19 to 11 within the last year if everything is fine and dandy and they are fully insulated from the real estate meltdown and all the thousands of homeowners underwater with their bloated mortgage? Bigest part of NYB is Roslyn Savings Bank which has billions upon billions of outstanding mortgages with people in big trouble in Long Island/NYC metro area. Every bank is on thin ice.
Barclays Capital report just out says NYB has TWO BILLION in cash which is significantly in EXCESS of its liquidity needs and could be deployed into more agressive loan growth or securities balances.. Says new acqusition geography doesnt matter much BUT it does have preference towards s a larger deal..That they have been keeping dry powder That they expect management to be conservative in its approach to deals and also valuations That the deal might involve cash and stock
same dividend for the last 8 YEARS !!!!!! ie thru the financial crisis .......this is not Las Vegas collateral ...it is NYC area they are conservative....jsutv enjoy your almost 8 % yield .......it will be bought when Joe is ready to sell and for the right price..........unlike many other CEOs he has the vast majority of his wealth tied up in this bank......be patient...meanwhile if you can find me an almost safe 8% with a potential buyout on the horizon please let me know
I would guess my homework puts yours to shame Everytime Ficalora opens his mouth HE says the dividend is safe And over the last three years he has always said the bank is for sale at the right price I have a significant position (several years).. I always listen to the entire quarterly report.. I like everything but the price
This past week told a financial gatherimg THAT NYB will not tiptoe to the 50 Billion plateau That they will be doing some large acquisitions that are accretive and adds value to their shareholders...Also that their entire Board of Directors visits and inspects every property before the loan is made... Shorts are leaving the ship over 6 million shares last week Also the dividend is SAFE