Shares of New York Community Bancorp (NYSE:NYCB) soared on Monday after agreeing to buy the shuttered Signature Bank’s (NASDAQ:SBNY) deposits and some of its loans. As a result, NYCB received plenty of analyst praise for the move.
Analysts David Chiaverini, Christopher McGratty, Mark Fitzgibbon, and Jon Arfstrom from Wedbush, KBW, Piper Sandler, and RBC Capital Markets, respectively, all have buy ratings on the stock. The analysts believe that NYCB has essentially improved its financial flexibility overnight. Therefore, its risk profile has been significantly reduced.
Overall, Wall Street analysts have a consensus price target of $10.63 on NYCB stock, implying over 17% upside potential, as indicated by the graphic above.
