HICKSVILLE, N.Y. - New York Community Bancorp , Inc. (NYSE: NYSE:NYCB) announced today that its Board of Directors has declared quarterly cash dividends for its common and preferred stockholders. The common stock dividend is set at $0.01 per share, payable on December 17, 2024, to stockholders of record as of December 7, 2024.
The company also declared dividends on two series of its preferred stock. The Series A Fixed-to-Floating Rate Noncumulative Perpetual Preferred Stock (NYSE: NYCB PA) will receive a quarterly cash dividend of $15.94 per share, which is equivalent to $0.3984 per depositary share, with each depositary share representing a 1/40th ownership interest in a share of the Series A preferred stock. Holders of record as of December 7, 2024, will be eligible for the dividend payment scheduled on December 17, 2024.
Similarly, the Series B Noncumulative Convertible Preferred Stock will have a dividend of $3.3333 per share, also payable on December 17, 2024, to stockholders of record on December 7, 2024.
New York Community Bancorp, Inc., with headquarters in Hicksville, New York, is the parent company of Flagstar Bank, N.A., a significant regional bank in the United States. As of September 30, 2024, the company reported $114.4 billion in assets, $73.0 billion in loans, $83.0 billion in deposits, and a total stockholders' equity of $8.6 billion.
Flagstar Bank operates over 400 branches across various regions, including a substantial presence in the Northeast and Midwest, as well as locations in the Southeast and West Coast growth markets. The bank also has around 90 private banking teams serving high-net-worth individuals and their businesses, primarily located in metropolitan New York City and the West Coast.
This announcement is based on a press release statement from New York Community Bancorp, Inc., and reflects the company's current dividend policy and financial position as reported. The information provided does not include forward-looking statements or predictions of future financial performance or events.
In other recent news, Plains GP Holdings (NASDAQ:PAGP) reported its expected EBITDA for the third quarter at $665 million, aligning with Goldman Sachs' previous estimates and slightly surpassing the consensus of $653 million. This projection considers a mix of elements such as reduced crude marketing gains from the second quarter, tightened iso-to-normal butane spreads in natural gas liquids (NGLs), and delayed operating costs into the second half of the year. However, these are expected to be counterbalanced by strong growth in the Permian, particularly in long-haul transportation.
For the full year 2024, Goldman Sachs projects Plains GP Holdings' EBITDA at $2,780 million, a slight increase from the consensus estimate of $2,766 million. Despite these numbers, Goldman Sachs' valuation assessment maintains a $17 price target for both Plains All American (PAA) and Plains GP Holdings, with a persistent Sell rating for both entities.
These recent developments are based on various sequential drivers, including the aforementioned factors affecting the third quarter and the anticipation of stronger growth in the Permian region, a vital part of the company's operations. Goldman Sachs reiterates its Sell rating on Plains GP stock, maintaining its price target of $17.00. The firm's analysis was presented ahead of the company's third-quarter earnings for 2024, emphasizing key areas such as activity in the Midland versus Delaware regions, expectations on Permian growth and efficiencies, and the potential for bolt-on opportunities.
InvestingPro Insights
New York Community Bancorp's recent dividend announcement comes amid interesting financial metrics revealed by InvestingPro. The company's market capitalization stands at $13.16 billion, reflecting its significant presence in the regional banking sector.
InvestingPro data shows that NYCB's price-to-earnings (P/E) ratio is currently 9.81, suggesting the stock may be undervalued compared to industry peers. This could be particularly relevant for investors considering the company's dividend policy.
The bank's stock has shown impressive performance, with a 1-year price total return of 116.67% as of the latest data. This strong performance aligns with the company's ability to maintain its dividend payments, as announced in the press release.
An InvestingPro Tip notes that NYCB's earnings per share have been growing. This growth in profitability could support the sustainability of the announced dividend payments and potentially lead to future increases.
Another InvestingPro Tip highlights that the company has maintained dividend payments for 16 consecutive years. This long-standing commitment to shareholder returns underscores the significance of the recent dividend declaration.
For investors seeking a deeper understanding of NYCB's financial health and future prospects, InvestingPro offers additional tips and metrics. In fact, there are 15 more InvestingPro Tips available for New York Community Bancorp, providing a comprehensive analysis for those looking to make informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.