Banks stocks are generally affected by interest rates and
New York Community Bancorp (NYCB) is no different. NYCB has a large amount of loans
tied to New York City apartments and commercial real estate. With high interest
rates, New York City rent control policies, and changing demand for commercial
real estate in New York City, investors are concerned about the bank's future
performance. On January 31, 2024, the company
announced that it would slash its quarterly dividend from 4.17 to $.05, a
70 percent cut. Investors were none too pleased as the stock dropped from
$10.38 to $6.47, a 37 percent fall in one day. To see this, check out the stock
price chart from
finance.yahoo.com below.
