I can't see NYCB reducing the divvy anytime soon, matter of fact, I don't think it will go lower for many years. It's divvy is what I like, over 5% at todays price. I reinvest all divys to buy more stock. The bank is run by very good personnel.
The stock price is only "a Dud" if you just got in within the last month at or near its 52 week high. If you got in 3 months ago, 6 months ago, or a year ago, then you would be extremly happy with the current price and the quarterly dividends.
I would also guess that 6 months from now, investors who have recently bought the stock around $16.50, will also be happy with its price and dividend.
I don't think this will go up much more until they raise the Div; which they haven't done since 2004. Back in the day they used to do 4:3 stock splits. That would be better then a Div raise and would make this a buy again. In the meantime I'm happy to sit and wait until something happens.