NEW YORK (TheStreet) -- New York Community Bancorp(NYCB) - Get Report is a New York City-based bank with a strong business and a even stronger dividend yield.

The stock has traded below $17 since 2014 but finally broke this resistance in February 2015; in two months it jumped by 10% to $18.70, where the price started to fluctuate again but this time the pause was shorter. After less than a month, the price started to go up again and for those who have been sitting on the sidelines, now is a good time to invest. The long-term upward trend doesn't give any negative signal, and an easy stop loss can be put at about $18.70.

Even if the stock doesn't continue to appreciate as it has, investors will love New York Community Bancorp's impressive dividend yield, about 5% on an annual basis.

The stock has a rating of only a "3" on TheExtraIncome's watch list, mainly because of a weak financial situation, but the technical analysis and high yield is a good reason to hold the stock anyway.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.