NYCB - Here's Why New York Community Bank Stock Is Down 68% in the First Half of 2024
2024-07-17 09:28:53 ET
Shares of New York Community Bank (NYSE: NYCB) dropped 68.6% in the first six months of the year, according to data provided by S&P Global Market Intelligence . The bank slashed its dividend in response to a host of issues, and macroeconomic conditions are fueling investor skepticism about its prospects.
NYCB had a rough first quarter. The company acquired Flagstar Bank and Signature Bank in 2023 with the goal of opportunistically expanding options and extending into commercial lending. Those moves presented risk along with opportunity, so investors have been closely monitoring commentary on the topic to see how things are progressing. Things took an ugly turn when NYCB reported its fourth-quarter financial results in January.
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Here's Why New York Community Bank Stock Is Down 68% in the First Half of 2024