Bank Stocks Rise as Investors Shrug: Government Shutdown Winners
Sterne Agee Chief Economist Lindsey Piegza in a midday note Tuesday wrote that the ISM report, along with three regional reports on Monday "suggested continued strength in manufacturing activity in September." But Piegza noted that the continued strengthening of the manufacturing numbers was not enough for a significant boost to the GDP growth rate: "Manufacturing has consistently been one of the silver linings of the recovery, although as a service based economy even resurgence in manufacturing will not be enough of a catalyst to spark growth beyond 2%, but it will help to provide a floor and keep growth above 1% in the second half."
New York Community Bancorp
Shares of New York Community Bancorp have returned 25% this year. The stock has one of the highest dividend yields among publicly traded U.S. bank holding companies, with a yield of 6.46% based on a quarterly payout of 25 cents.
That payout is rather high, when considering the company's quarterly earnings over the past year have ranged from 27 cents a share to 29 cents a share. Then again, the company has maintained this dividend for 38 consecutive quarters.
Please click here for a full discussion on New York Community's market opportunity as Fannie Mae and Freddie Mac pull back from multifamily lending, along with analysts' diverging views on the continued viability of the dividend.NYCB data by YCharts
Interested in more on New York Community Bancorp? See TheStreet Ratings' report card for this stock.
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