Should You Buy New York Community Bancorp (NYCB) Now?

Greenlight Capital, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned (1.3%), net of fees and expenses, in the first quarter compared to a 7.5% return for the S&P 500 Index. Furthermore, the longs gained 9.9%, while its shorts lost 10.8% and macro lost 0.4%, net of fees and expenses during the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Greenlight Capital highlighted stocks like New York Community Bancorp, Inc. (NYSE:NYCB) in the first quarter 2023 investor letter. Headquartered in Hicksville, New York, New York Community Bancorp, Inc. (NYSE:NYCB) is a bank holding company. On May 02, 2023, New York Community Bancorp, Inc. (NYSE:NYCB) stock closed at $10.13 per share. One-month return of New York Community Bancorp, Inc. (NYSE:NYCB) was 15.64%, and its shares gained 5.52% of their value over the last 52 weeks. New York Community Bancorp, Inc. (NYSE:NYCB) has a market capitalization of $7.734 billion.

Greenlight Capital made the following comment about New York Community Bancorp, Inc. (NYSE:NYCB) in its Q1 2023 investor letter:

“The new small long positions are Black Knight (BKI), New York Community Bancorp, Inc. (NYSE:NYCB), and First Citizens BancShares (FCNCA).

NYCB and FCNCA are similar investments, as they were the FDIC auction buyers of Signature Bank and Silicon Valley Bank, respectively. Both acquisitions occurred at deep discounts and should lead to impressive improvements in earnings. Though we invested after the purchases, both stocks had been depressed by the banking crisis. We see them emerging as stronger than they were entering the crisis, and believe both merit higher values going forward. We take further confidence by virtue of the FDIC deeming them capable of these acquisitions.”

Copyright: welcomia / 123RF Stock Photo

New York Community Bancorp, Inc. (NYSE:NYCB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held New York Community Bancorp, Inc. (NYSE:NYCB) at the end of the fourth quarter which was 31 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 15 Most Profitable Industries In America In 2023
• Top 20 Entertainment Brands In The World
• 16 Best Places to Live in North Carolina for Retirees

Disclosure: None. This article is originally published at Insider Monkey.