10 Best Bank Stocks To Watch For 2014
Blue-chip stocks are mixed in intraday trading following news that credit-rating agency Standard & Poor’s upgraded its outlook for the U.S. government from “negative” to “stable.” With roughly an hour left in the trading session, the Dow Jones Industrial Average (DJINDICES: ^DJI ) is up nine points, or 0.06%.
On an otherwise quiet day in terms of economic news, many investors are casting their eyes across the Pacific Ocean to Japan, where stocks have been particularly volatile of late. This trend started at the end of last year when a new government took over, vowing to revive the long-dormant economy. Since then, the nation’s central bank has undertaken an aggressive monetary policy designed to reignite inflation and spur economic growth.
While early indications suggest that the move is working — the yen has fallen in value relative to the dollar, and inflation is beginning to tick up — an unintended, though not unexpected, consequence has been the artificial inflation of asset prices. As I’ve noted, the country’s benchmark stock index shot up by 80% beginning last November, only to mount an aggressive correction last month. Today, it closed higher by 5% — a massive single-day move for a market of Japan’s size.
10 Best Bank Stocks To Watch For 2014: New York Community Bancorp Inc (NYCB.N)
New York Community Bancorp, Inc. is a bank holding company and a producer of multi-family mortgage loans in New York City, with an emphasis on apartment buildings that feature below-market rents. It has two bank subsidiaries: New York Community Bank (the Community Bank),New York Commercial Bank (the Commercial Bank. The Community Bank has 241 branches and operates through seven divisional banks. The Commercial Bank has 34 branches in Manhattan and operates 17 of its branches under the divisional name Atlantic Bank.
During the year ended December 31, 2011, all of the one-to-four family loans the Company originated was sold to government-sponsored enterprises (GSEs). In New York, the Company serves its Community Bank customers through Roslyn Savings Bank, with 55 branches on Long Island; Queens County Savings Bank, with 34 branches in the New York City borough of Queens; Richmond County Savings Bank, with 22 branches in the borough of Staten Island, and Roose velt Savings Bank, with eight branches in the borough of Brooklyn. As of December 31, 2011, in the Bronx and neighboring Westchester County, the Company had four branches that operated directly under the name New York Community Bank.
In New Jersey, the Company serves its Community Bank customers through 51 branches that operate under the name Garden State Community Bank. In Florida and Arizona, where it has 25 and 14 branches, respectively, the Company serves its customers through the AmTrust Bank (AmTrust) division of the Community Bank. In Ohio, the Company serves its Community Bank customers through 28 branches of Ohio Savings Bank. Customers of the Community Bank and the Commercial Bank have access to their accounts through 261 of its 285 automatic teller machines (ATMs) locations in five states. The Company also serves its customers through three Websites, which include www.myNYCB.com, www.NewYorkCommercialBank.com and www.NYCBfamily.com.
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