NYCB Stock Alert: New York Community Bancorp Announces Reverse Stock Split

New York Community Bancorp (NYSE:NYCB) shares are in the headlines on Thursday after the financial services company announced a reverse stock split.

New York Community Bancorp is planning a one-for-three reverse stock split. The company is not giving an exact date for the split, but says it will take place in mid- to late July.

New York Community Bancorp points out that this is a result of shareholders approving a stock split at the last annual meeting. The company’s board of directors approved the reverse stock split yesterday.

The reverse stock split will boost NYCB’s share price without adjusting its market capitalization, which could help stabilize shares that have been on a downward spiral since a lackluster earnings report in January 2024.

What this means for NYCB stock

Following news of the reverse stock split, NYCB shares fell 1.1 percent on Thursday. Investors will note that the company’s shares have also fallen 70.9 percent since the beginning of the year.

Trading volume for NYCB stock is light on Thursday. At the time of this writing, only about 3.3 million shares have changed hands. For comparison, the company’s average daily trading volume is about 16.9 million shares.

Investors should read on to learn more about the latest stock market news!

We have all the hottest market news traders need to know on Thursday! A few examples are what happened to the S&P500Why Phunware (NASDAQ:PHUN) Stocks are moving and more. All this information is available at the links below!

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At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

Article printed by InvestorPlace Media, https://investorplace.com/2024/06/nycb-stock-alert-new-york-community-bancorp-announces-reverse-stock-split/.

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