Share prices of New York Community Bancorp (NYSE: NYCB) have fallen roughly 70% over the past year. In the first-quarter 2024 earnings update, the first bullet point in management's comments was that the company is targeting "peer level profitability by fourth quarter 2026."

Given the huge stock decline, the below-peer performance, and a target date for improving financials, interested investors have a tough decision about what to do with this stock. Is it a buy, sell, or hold?

All signs point to NYCB being a turnaround stock. But potential investors should tread carefully. Here's what needs to be considered.

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Source Fool.com