NYCB loses Buy rating at KBW


KBW cashes in its chips on New York Community Bancorp (NYCB) following yesterday's earnings, downgrading the stock from Outperform to Market Perform.

On the earnings call (transcript), KBW's Collyn Gilbert's initial question notes the loan pipeline stood at just $2.4B at the end of Q4 vs. about $4B a year earlier. Management responds that it's happy with recent results and expectations of high single-digit  growth for this year could end up being conservative. "The market is very strong, Collyn," says CEO Joseph Ficalora, "And not only will we have growth, but other lenders in this market will have growth."

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