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New York Community Bancorp

The bank reported on April 18 first-quarter earnings of $118.3 million, or 27 cents a share, down from year-earlier earnings of $123.2 million, or 28 cents.

"NYB reported Q1'12 GAAP EPS of $0.27, besting our estimate of $0.24 and the Street at $0.26, due to higher mortgage banking income and a modest NIM beat vs. our projection," Bank of America Merrill Lynch analysts wrote in an April 19 report. "Strong mortgage banking income comes as no surprise, though it appears NYB sold more loans than originated, putting it squarely on a treadmill. The NIM beat was due to lower cost borrowings, which drove the improvement QoQ. Asset yields were disappointing and are likely to raise concerns that core portfolio earnings are trending lower. Given little relief to core trends is imminent, earnings estimates are likely to be revised lower, in our opinion, which would further weigh on NYB, as the dividend appears unsustainable in a challenging operating backdrop with unreliable sources of earnings delivering only a modest cushion. three months."

Forward Annual Dividend Yield: 7.3%


Ternium

The long steel products manufacturer reported on April 25 first-quarter earnings of $190.5 million, or 81 cents a share, up from year-earlier earnings of $136.4 million, or 53 cents.

"We asked Ternium in the conference call if the company had studied the possibility of listing in Brazil, since steelmakers in this market currently trade at a premium of more than 50% vs. Ternium," Deutsche Bank analysts wrote in an April 26 report. "The company said that it is analyzing the possibility of listing in other markets but a decision to work on it will ultimately depend on the results of its internal analysis. Our opinion is that Ternium stock price could increase by 25% or more if it lists in Brazil."

Forward Annual Dividend Yield: 3.1%

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