3 Things You Need to Know If You Buy New York Community Bancorp Today
The big news around New York Community Bancorp (NYSE: NYCB) right now is its recent dividend cut. That's the very first thing that investors need to know if they buy shares of this bank. But there's more to the story here than the somewhat surprising dividend reduction management announced when it released fourth-quarter 2023 earnings. Here are three quick and important facts you need to know today.
You can't discuss New York Community Bancorp without bringing up its eyeball-grabbing dividend cut. And yet the headline on the bank's fourth-quarter 2024 earnings release read, "NEW YORK COMMUNITY BANCORP, INC. REPORTS RECORD RESULTS FOR 2023." The capitalization there was in the original, so by today's internet standards, the company was screaming about how well it did in 2023. Still, the bank slashed its dividend from $0.17 per share per quarter to just $0.05, a huge 70% reduction. That seems a bit odd given a year of record results.
Image source: Getty Images.
Source Fool.com
