New York Community Bancorp Announces 1-For-3 Reverse Stock Split; Expects The Reverse Stock Split To Become Effective In Mid-To-Late July
Portfolio Pulse from Benzinga Newsdesk
New York Community Bancorp (NYSE: NYCB) has announced a 1-for-3 reverse stock split, expected to become effective in mid-to-late July. This decision was approved by shareholders at the annual meeting on June 5th.
June 27, 2024 | 12:15 pm
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New York Community Bancorp has announced a 1-for-3 reverse stock split, expected to be effective in mid-to-late July. This move was approved by shareholders at the annual meeting on June 5th.
A reverse stock split consolidates the number of existing shares into fewer, proportionally more valuable shares. This can be seen as a move to boost the stock price and attract institutional investors. However, it does not change the company's market capitalization or fundamentals, leading to a neutral short-term impact.
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