New York Community Bancorp: Cheapest US Bank Stock, S&P Global Finds

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For the second consecutive month, New York Community Bancorp (NYCB.N) has emerged as the most affordable US bank stock among lenders with assets surpassing $3 billion, according to an analysis by S&P Global Market Intelligence released on Wednesday.

The troubled lender was found to be trading at just 30% of adjusted tangible book value (TBV), signifying the per-share equity value after excluding intangible assets, as of April 30. The ongoing struggles of New York Community Bancorp to reverse a stock decline have been notable. Since January, the bank has grappled with a significant erosion in stock value, exacerbated by a dividend reduction and an unexpected quarterly loss attributed to its loan exposure in distressed commercial real estate sectors.

Year-to-date, the bank’s shares have plummeted by 64%, reaching levels not seen since 1996. Last week, NYCB reported a loss for the first quarter and cautioned investors about an anticipated annual loss surpassing initial estimates due to escalated provisions for potential loan loss.