New York Community Bancorp (NYSE:NYCB) stock is in the news Thursday after the financial services company announced a reverse stock split.
New York Community Bancorp says that it plans to enact a reverse stock split on a one-for-three basis. The company doesn’t provide an exact day for the split but said it will take place in mid-to-late July.
New York Community Bancorp notes that this follows up on the approval granted by shareholders for a split at its last annual shareholder meeting. The company’s board of directors gave its approval to the reverse stock split yesterday.
The reverse stock split will boost the price of NYCB shares without adjusting its market capitalization. Doing so may help stabilize its shares, which have been on the decline since a lackluster earnings report in January 2024.
What This Means for NYCB Stock
News of the reverse stock split has shares of NYCB sliding 1.1% lower on Thursday. Investors will note that the company’s shares are also down 70.9% since the start of the year.
Trading volume for NYCB stock is low on Thursday. As of this writing, only about 3.3 million shares have changed hands. For comparison, the company’s daily average trading volume is about 16.9 million shares.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest market news traders need to know about on Thursday! A few examples include what’s going on with the S&P 500, why Phunware (NASDAQ:PHUN) stock is on the move and more. All of this info is ready to go at the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
