Why NYCB Stock Soared 28% Despite the Bank's Wider-Than-Expected Loss
New York munity Bancorp(NYCB) Investopedia·2024-05-02 07:01
Key TakeawaysNew York Community Bancorp (NYCB) shares soared 28% Wednesday after the bank laid out a plan to return to profitability, even as it reported a wider-than-expected loss for the first quarter.NYCB has struggled after posting an unexpected loss earlier this year as its loans in the commercial real estate and multifamily property space were revealed to be in danger.Jefferies analysts said the first-quarter results were "better than worst-case fears." Shares of New York Community Bancorp (NYCB) soar ...