NYC's Rent-Controlled Apartments Partly Behind NYCB Issues, Analysts Question If $1 Billion Lifeline Enough To Avoid SVB-Like Collapse
Posted on Thursday April 25, 2024
With the average one-bedroom, 600-square-foot New York City apartment renting for about $3,760 per month, rent prices have stretched affordability for the city's residents. It's no wonder politicians have sought to make housing more affordable in the city, but a policy aimed at doing so has been blamed, in part, for the struggles of New York Community Bancorp Inc. (NYSE:NYCB), which has seen its stock drop over 72% year to date. NYCB has been hit with a double whammy. In 2019, a change in New Yo
Einhorn’s Greenlight Underperformed ‘Broken’ Stock Market Last Quarter
Posted on Wednesday April 24, 2024
(Bloomberg) -- David Einhorn’s Greenlight Capital underperformed the “fundamentally broken” stock market at the start of the year, according to a letter to investors.Most Read from BloombergBiden’s Gains Against Trump Vanish on Deep Economic Pessimism, Poll ShowsMalaysia in Talks With Tycoons on Casino to Revive $100 Billion Forest CityZuckerberg Asks for Patience as Meta’s AI Push Spooks InvestorsMeta’s Miss Sparks Fears in Tech With More Earnings AheadTaylor Swift Is Proof That How We Critique
Pacific Premier Bancorp (PPBI) Surpasses Q1 Earnings and Revenue Estimates
Posted on Wednesday April 24, 2024
Pacific Premier Bancorp (PPBI) delivered earnings and revenue surprises of 2.08% and 2.35%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?
Analysis-NYCB faces tough choices on CRE loans, balance sheet diversification
Posted on Wednesday April 24, 2024
New York Community Bancorp will have to lure buyers for its commercial real estate (CRE) loans with steep discounts and diversify its revenue as it races to shore up its finances. The bank's new management has promised to unveil a turnaround plan this month after losses on CRE loans, NYCB's core business, sparked a rout that wiped nearly $6 billion off its market value and sparked ratings downgrades. A $1 billion investment led by former U.S. Treasury Secretary Steven Mnuchin's Liberty Strategic Capital has shored up the bank for the short-term, but it still needs to bolster its capital and shrink its exposure to the CRE sector, which has been hammered by higher interest rates.
