Why New York Community Bancorp Stock Slumped on Monday
New York Community Bancorp (NYSE: NYCB) stock suffered another fall on Monday, but the drop wasn't as severe as in some recent trading sessions. In what was more a price correction than anything else, the struggling lender's share price eased by 0.2% following a bit of a rally the preceding Friday.
That Friday pop was due to insider stock buying, as several New York Community Bancorp executives and members of its board of directors purchased shares of the troubled bank.
Chief among these buys was a 50,000-share purchase by the board's executive chairman, Alessandro DiNello. Insider buys were also made by fellow board member Peter Schoels and the company's president of mortgage Lee M. Smith, among others. All told, regulatory documents filed that day indicate these individuals collectively spent $870,000 on the bank's stock.
Source Fool.com
