Is New York Community Bancorp Stock a Buy?
New York Community Bancorp (NYSE: NYCB) was on the ropes not too long ago, forced to drastically cut its dividend and accept a $1 billion bailout. Now in full-on turnaround mode, the company's financial results are kind of ugly to look at. However, management remains on target to get back to peer-level performance by the end of 2026. What should investors do?
If you look at New York Community Bancorp's second-quarter 2024 financial results, you'll probably want to run for the hills. The company's net loss totaled a hefty $323 million, which was a little better than the first quarter's $327 million loss, but way worse than Q2 2023's $413 million of positive net income. Those figures translate into a Q2 2024 per-share loss of $1.14 per share, a Q1 loss of $1.36, and a Q2 2023 profit of $1.66 per share.
Clearly, things are not great right now at New York Community Bancorp. This isn't a surprise.
Source Fool.com
