New York Community Bancorp’s stock rose, outpacing gains in other financial stocks, on Thursday after Soros Fund Management disclosed an increased stake in the hard-hit regional bank.
Soros Fund Management acquired 1,036,180 shares of New York Community Bancorp to bring its stake up to just under 1.48 million shares, according to a filing.
New York Community Bancorp’s stock
NYCB,
+4.11%
rose nearly 3% to $4.78 a share as it continued its recovery a surprise loss earlier this month that rekindled fears about the strength of U.S. regional banks.
The stock is now up 14.3% in the past week, after executives at the company bought stock Friday at 1997 prices.
The stock price is now well above its 52-week low of $3.60 a share.
Even with the gains, however, the stock remains at levels not seen since 2000 prior to February’s swoon.
The SPDR S&P Bank ETF KBE rose 2.6% and the S&P Regional Banking ETF
KRE
rose 2.2%. The two indices are up by 3.4% and 3.9% respectively, for the week.
Meanwhile, the bank disclosed it was planning to meet with institutional investors in February and March, according to a Thursday filing.
The bank’s main messages in an investor presentation include actively reducing its commercial real estate concentration and executing initiatives to support long-term profitability.
The bank said its management and board have been buying stock in the open market “as we strongly believe in the future of our institution.”
Also read: Fed’s Barr says banking system is strong despite New York Community Bancorp’s woes
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