Why New York Community Bancorp Stock Dove by 8% Today

On Friday, it was New York Community Bancorp's (NYSE: NYCB) turn to present its third-quarter financial results. This was met with a fairly sharp and negative reaction from the market, which wasted little time in selling off the stock to the point where it closed more than 8% lower. That was notably worse than the essentially flat performance of the bellwether S&P 500 index on the day.For the quarter, New York Community Bancorp saw its revenue fall 7% year over year to $623 million. That was on the back of a 5% slide in total loans and leases, and, heading in the other direction, 5% growth in deposits. As for the bottom line, the bank posted a generally accepted accounting principles (GAAP) loss of $280 million, or $0.79 per share. That was in sharp contrast to the Q3 2023 profit of $207 million. Citing data compiled by S&P, American Banker said that analysts were collectively expecting only a $141 million loss for the period. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool