Shares of New York Community Bancorp Inc. (NYSE:NYCB) experienced a significant drop, plummeting 22.15% during Tuesday’s trading session to reach lows not seen since April 1997.
The bank has become a focal point of investor concern after losing 38% of its value following the announcement of disappointing quarterly results last week, which revealed a loss contrary to analyst expectations of a profit.
Over the last week, NYCB’s market cap as more than halved from $7.45 billion to $3.16 billion.
Following the regional banking crisis in March 2023, New York Community Bancorp acquired the troubled Signature Bank, expanding its assets to above $100 billion. This growth has placed the bank under more stringent regulatory and capital standards, reflecting its increased size and operational scope.