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NYCB Q4 Results to Record $25 Million After-Tax Benefit
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New York Community Bancorp, Inc. (NYCB - Free Report) is expected to record an after-tax benefit of nearly $25 million during fourth-quarter 2017. The benefit follows the re-valuation of the company’s net deferred tax liability, following President Trump’s recently implemented tax bill.
Banks with higher deferred tax liabilities will be benefited by the reduction in corporate tax rate (from 35% to 21%). Lower rate would reduce the value of those liabilities, thereby increasing earnings of the company.
Notably, New York Community Bancorp anticipates an effective tax rate of about 27% during 2018.
Commenting on the announcement, president and CEO Joseph R. Ficalora stated, “On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Among other things, it lowers the federal tax rate for corporations and necessitates a re-valuation of a company’s deferred tax assets and liabilities. Since we are one of the few banks to have a net deferred tax liability, we will receive a benefit from this provision of the Act. While this benefit is one-time in nature, it is accretive to all of our regulatory capital ratios.”
Shares of New York Community Bancorp inched up around 1.2% over the last three months compared with 3% growth for the industry it belongs to. The bank currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
First Financial Bancorp (FFBC - Free Report) has been witnessing upward estimate revisions for the past two months. Also, the company’s shares have risen nearly 1.7% over the past three months. It flaunts a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Federated Investors Inc. has been witnessing upward estimate revisions for the last 60 days. The company’s share price has been up around 28% in six months’ time. It carries a Zacks Rank of 2 (Buy).
Artisan Partners Asset Management Inc. (APAM - Free Report) has been witnessing upward estimate revisions for the past month. Additionally, the stock has gained more than 29% in six months’ time. It currently carries a Zacks Rank of 2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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NYCB Q4 Results to Record $25 Million After-Tax Benefit
New York Community Bancorp, Inc. (NYCB - Free Report) is expected to record an after-tax benefit of nearly $25 million during fourth-quarter 2017. The benefit follows the re-valuation of the company’s net deferred tax liability, following President Trump’s recently implemented tax bill.
Banks with higher deferred tax liabilities will be benefited by the reduction in corporate tax rate (from 35% to 21%). Lower rate would reduce the value of those liabilities, thereby increasing earnings of the company.
Notably, New York Community Bancorp anticipates an effective tax rate of about 27% during 2018.
Commenting on the announcement, president and CEO Joseph R. Ficalora stated, “On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Among other things, it lowers the federal tax rate for corporations and necessitates a re-valuation of a company’s deferred tax assets and liabilities. Since we are one of the few banks to have a net deferred tax liability, we will receive a benefit from this provision of the Act. While this benefit is one-time in nature, it is accretive to all of our regulatory capital ratios.”
Shares of New York Community Bancorp inched up around 1.2% over the last three months compared with 3% growth for the industry it belongs to. The bank currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
First Financial Bancorp (FFBC - Free Report) has been witnessing upward estimate revisions for the past two months. Also, the company’s shares have risen nearly 1.7% over the past three months. It flaunts a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Federated Investors Inc. has been witnessing upward estimate revisions for the last 60 days. The company’s share price has been up around 28% in six months’ time. It carries a Zacks Rank of 2 (Buy).
Artisan Partners Asset Management Inc. (APAM - Free Report) has been witnessing upward estimate revisions for the past month. Additionally, the stock has gained more than 29% in six months’ time. It currently carries a Zacks Rank of 2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>