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Embattled lender New York Community Bancorp said on Thursday that its Chief Operating Officer Julie-Ann Signorille-Browne has resigned from her role, effective May 24.
Soros Fund Management, the family office founded by billionaire trading legend George Soros, eliminated its stake in New York Community Bank in the first quarter, according to a regulatory filing on Wednesday.
Shares in New York Community Bancorp (NYCB) jumped nearly 6% in premarket trading Wednesday after the embattled regional bank said late Tuesday that it had agreed to sell around $5 billion of mortgage warehouse loans to JPMorgan Chase (JPM) in a deal aimed at shoring up its liquidity and capital as it undergoes a turnaround to return to profitability.
New York Community's (NYCB) efforts to diversify its loan portfolio and loan portfolio repricing will aid it amid CRE loan woes and escalating expenses.
Fitch Ratings downgrade New York Community's (NYCB) IDRs. This is primarily due to the bank's weak earnings and profitability.
Fitch Ratings had cut its long-term issuer default ratings for New York Community Bancorp Inc. deeper into junk territory but said the bank's downside risks have stabilized.
Fitch Ratings on Tuesday downgraded embattled regional lender New York Community Bancorp and its bank subsidiary, Flagstar Bank, to 'BB' from 'BB+'.
New York Community Bancorp was teetering when it got a much needed cash infusion to help it with its turnaround effort. For most investors it would be smarter to buy giant U.S. banks like Bank of America or Citigroup.
New York Community Bancorp has recently undergone a CEO change, a $1 billion capital raise, and started a turnaround plan to diversify loan risk and return to profitability. The pedigree of the new board and management is impressive. Dilution for common shareholders is the main problem, but NYCB preferred stock offers no dilution, ~9x the dividend yield, seniority to common equity, and a healthy discount to par.
New York Community's (NYCB) Q1 results reflect the impacts of a rise in provisions for credit losses and expenses. A fall in fee income and a lower deposit balance also affect its performance.