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Fly News Breaks for October 30, 2015
AF, NYCB
Oct 30, 2015 | 06:07 EDT
FBR Capital analyst Bob Ramsey downgraded New York Community Bancorp to Underperform from Market Perform with a $15 price target. The downgrade following NYCB's acquisition of Astoria Financial (AF) and subsequent 32% dividend cut. The company's strategy makes sense, but the price paid for Astoria does not, Ramsey tells investors in a research note.