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5 Banks 'Potentially At Risk' From Stress Tests

3. New York Community Bancorp
Shares of New York Community Bancorp (NYB) of Westbury closed at $12.70 Friday, returning 7% year-to-date, following a 30% decline last year. Based on a 25-cent quarterly payout, the shares have a dividend yield of 7.87%.

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The shares trade for 2.1 times tangible book value, and for 12 times the consensus 2013 EPS estimate of $1.08. The consensus 2012 EPS estimate is $1.06.

Please see TheStreet's earnings coverage for a detailed review of New York Community Bancorp's first-quarter results.

Despite strong earnings performance and the maintenance of the company's attractive dividend payout for 33 consecutive quarters, New York Community Bank ranks #3 for regulatory risk from the coming stress tests, according to Sterne Agee, with the firm's ranking supported by an estimated 2012 dividend payout ratio -- dividends paid/EPS -- of 93%, for a last-place ranking out of 54 banks; as well as a last-place ranking for a ratio of commercial real estate, construction and development, and mortgage loans of 834% of tangible common equity.

New York Community had $43.0 billion in total assets as of March 31, with $17.8 billion -- or 58% of total loans -- in multifamily mortgage loans, which are mainly concentrated among apartment buildings in the New York City, with below-market rents, leading to a very long track record of strong asset quality.

Sterne Agee analyst Matthew Kelley rates New York Community Bancorp "Underperform," with a $12 price target, estimating the company will earn $1.04 a share this year and also in 2013.

Interested in more on New York Community Bancorp? See TheStreet Ratings' report card for this stock.
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