NYCB's Upgrade to Buy with 'Extremely Safe' Dividend Yield After FDIC Deal Raises Eyebrows.
TL;DR Summary
New York Community Bancorp's stock rose 32% after purchasing $38.4 billion in deposits, $12.9 billion in loans, and 40 branches of Signature Bridge Bank from the FDIC. D.A. Davidson analyst Peter Winter upgraded NYCB to a "buy" rating, citing significant funding advantages and an extremely safe 7.90% dividend yield. The deal will speed up NYCB's transformation to a more commercial bank-like structure, lowering the loan to deposit ratio and increasing C&I loans while lowering its concentration in multifamily loans.
- NYCB upgraded to buy with 'extremely safe' 7.9% dividend yield after FDIC deal MarketWatch
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- Signature Bank Non-Crypto Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC CoinDesk
- Short seller warned US regulator about Signature Bank in January Financial Times
- A refresher on what the FDIC is and does Houston Public Media
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