NEW YORK (TheStreet) -- Shares of New York Community Bancorp (NYCB) - Get Report are up 1.78% to $15.39 in afternoon trading on Thursday after the company topped analysts fourth quarter earnings expectations yesterday.
Despite the earnings beat, the Westbury, NY-based multi-bank holding company reported a fourth quarter net loss of $404.8 million, a reversal from the profit the company earned in the year ago period.
The company earned 31 cents per share on an adjusted basis however, topping analysts' 27 cent per share expectations. For the year, New York Community Bancorp lost $47.2 million, or 11 cents per share, a reversal from the profit it made in 2014. The company reported generating $618.8 million in revenue in the quarter.
New York Community Bancorp also declared a quarterly dividend of 17 cents yesterday, payable February 19 to shareholders of record on February 8.
Analysts at RBC Capital lowered the company's price target to $16 from $17 while maintaining the company's "sector perform" rating.
Separately, TheStreet Ratings also downgraded the stock to "hold" from "buy" while also lowering its letter grade to C from B. TheStreet identified multiple strengths in the company, including its very decent return on equity, which TheStreet feels should persist. At the same time, however, the company has mulltiple weaknesses including deteriorating net income and feeble growth in the company's earnings per share.
TheStreet Ratings uses an algorithmic model to determine a rating for risk-adjusted total return prospect over 12 months.