Raymond James downgraded NY Community Bancorp (NYCB) to Underperform due to ongoing credit issues.
Raymond James downgraded NY Community Bancorp (NYCB) from Market Perform to Underperform, citing ongoing credit issues that could impact earnings for years. Despite recent capital infusion and credit rating hike, shares fell 5.6% following the announcement. NYCB has faced scrutiny over dividend cut, loan loss surge, and material weaknesses in tracking loan risks. Analysts' buy-equivalent rating dropped to 11% from 70% last year.
March 18, 2024
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