New York Community Bancorp. lost ground but remained above its 52-week intraday low as the hard-hit stock fell on Friday.
The stock
NYCB,
has lost about 60% of its value since announcing a surprise loss on Jan. 31 and then following up with a statement on its ‘ample’ liquidity and a new executive chairman on Wednesday.
New York Community Bancorp also sustained a slew of ratings cuts from analysts including a Moody’s debt downgrade to junk.
With no major ratings actions or further updates from the company, New York Community Bancorp’s stock fell 2% to $4.10 on Friday morning.
Any close below $4.19 would be a new 52-week low, although the stock hit an intra-day low of$3.60 a share on Wednesday.
Before its swoon in recent days, New York Community Bancorp’s stock has not closed at $4.10 a share since April 30, 1997. Since 2000, the stock has largely stayed above $8 per share, except for brief dips in 2009 and 2020, amid two crises that affected the U.S. stock markets.
Since Jan. 30 — the day before its fourth-quarter loss disclosure — New York Community Bancorp.’s stock has lost 60.2% of its value, while the SPDR S&P Regional Banking
KRE
has fallen 11.1% and the S&P 500 is up 1.6%.
Also read: Regional-bank bondholders seem unworried by New York Community Bank’s problems
