New York Community Bank: Predicting a New S&P 500 Stock (With an Already Appealing Dividend)
The S&P 500 has added and subtracted lots of companies: NE, NFLX, CVC in, NYT, EK, OPD out. Yet, the index has missed an attractive candidate, New York Community Bank (NYCB), something I predict will be rectified in 2011. NYCB has been a serial acquirer of banks, something that has continued even during the Great Recession when it picked up failed banks on the cheap from the FDIC. NYCB has an $8 billion market cap. Compare NYCB's market cap to other members of the S&P 500: ZION at $4 billion, LM at $5 billion, CMA at $7 billion, FHN at $3 billion, HCBK at $6 billion, and HBAN at $6 billion. NYCB is the only U.S. financial with a market cap over $5 billion not included in the S&P500.* It meets all the criteria (.pdf) for inclusion in the index: U.S. based, stable earnings, liquidity, adequate public float.... Read more
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Older articles featuring NYCB:
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