New York Community Bancorp (NYCB) experienced a significant stock price surge, closing up 30% at $3.50, following its latest earnings report. Despite posting a first-quarter loss due to higher provisions, indicated by a 19.2% pre-market increase, the bank's management reassured investors with lucid and competent handling of its substantial loan portfolio, which includes $30 billion in office and rent-controlled multi-family loans. Additionally, NYCB has projected profits exceeding estimates for the next two years, prompting a sharp rise in its shares. This positive outlook helped NYCB recover from recent lows, with short sellers incurring over $42 million in losses. The bank's charge-offs and provisions for potential loan losses have declined, further allaying commercial-property concerns.
NYCB Stock Jumps as Results for Embattled Bank Top ‘Worst-Case Fears’ https://t.co/ByrLczqzle
NYCB's estimate-topping profit forecasts fire up battered shares https://t.co/IRdsG7n96q https://t.co/5fGNXPBkXI
⚠️ NYCB SHORT SELLERS STARE AT $42 MILLION IN LOSSES AFTER POST-EARNINGS RALLY, ORTEX SAYS Full Story → https://t.co/zNbGKWq3ko Traders shorting New York Community Bancorp's stock were sitting on more than $42 million of losses on Wednesday after the lender's…
$NYCB up 30% to $3.50 after earnings that were perhaps less bad than some feared (the stock was down sharply into the #), and mgmt came across as lucid & competent, but the report certainly was not good. With $30 b of office and mostly rent-controlled multi-family loans, many…
NYCB forecasts estimate-topping profit for next 2 years, shares jump https://t.co/5oPx1PxIa5 https://t.co/5JMUmqTw5Z
$NYCB (+19.2% pre) NYCB posts first-quarter loss on higher provisions https://t.co/spO4THUoyH
NYCB’s charge-offs and provisions for potential loan losses decline, which could allay commercial-property concerns that have hounded the lender https://t.co/ViCrolwk96