Why New York Community Bancorp Stock Is Surging Higher Today
Troubled New York Community Bancorp (NYSE: NYCB) lost more than analysts expected in the first quarter, but after its earnings report Wednesday morning, investors were more focused on management's upbeat commentary about what is to come. As of 11 a.m. ET, shares of the regional lender had leaped 34% higher.
New York Community has been making headlines for all the wrong reasons this year. The bank's shares plunged following a late-January announcement that it was slashing its dividend and taking other actions to build capital. A management overhaul and capital infusion helped stabilize the bank, but questions remained about its long-term future.
The company lost $0.25 per share in the first quarter, $0.10 per share worse than Wall Street had expected. Net interest income was down 16% sequentially to $624 million, and total non-performing loans soared to $798 million from $161 million a year ago.
Source Fool.com
