Another financial stock in Kahn Brothers' portfolio was New York Community Bancorp NYCB -0.07% . The bank has made quarterly dividend payments of 25 cents per share each quarter since 2004, and at current prices that results in a high dividend yield. The valuation metrics aren't particularly attractive (for example, the P/B is 1.1), but neither do they show New York Community Bancorp has being incredibly overvalued in the market. As a result it might be worth considering as an income stock, though we would note that the payout ratio does look high and so current dividend payments might not be sustainable. Matthew Lindenbaum has a small position in the stock.
Glad the Kahn brothers and I see this great bank holding company in the same light. Conservative and paying a high yield both fit my requirement for bank investments. I have NYCB in my "no brainer" category.