On the wires -
New York Community Bancorp (NYCB) Follows First Republic Bank (FRC) Lower
Street Insider - 3:04 PM ET
New York Community Bancorp, Inc. declined Wednesday in sympathy with First Republic Bank.
Some mention that if they do cross the 50B mark and get up with the big boys, the dividend might be in question and perhaps lowered as much as 30%. Would not be too concerned since most are thinking this will happen in 2 years unless there is some acquisition. Even so, if that happened, would expect share price to go up more than enough to compensate for the dividend reduction. I am still a buyer at this level and with these rumors swirling.
Thank you. FRC down 15%, but their quarterly report was very good.,
For FRC :"Total wealth management assets were $48.7 billion, up 7.8% for the quarter and up $7.1 billion, or 17.1%, since year-end. " and "Deposits were $35.0 billion, up 4.4% for the quarter." and "Core diluted EPS were $0.69, up 7.8%"
So success and growth of assets prompting concern about regulatory changes/impacts?
Yup, some good info on this at seeking alpha. The 50b assets mark, higher costs and regulation for frc and nycb is close to that level. Part of what i read at sa, "CEO Joe Ficalora doesn't seem too worried about growing to over $50B - the line at which regulatory scrutiny could be stepped up. He notes recent comments from Fed Governor Tarullo that $100B is probably a more relevant line which should be crossed." Too many links sprinkled throughout, yahoo would never let me get it through.
Already had double and triple the volume for the last several months of daily volume and all in the last 40 min. Not a bit of news around but somebody sure as heck knows something. I'm sure the SEC will check it out though huh
The only thing I'm seeing is that there were some large block trades. There's more than 6 million shares traded in the day, and it looks like a lot of it came right around the drop. Maybe some new sell rating? or an institutional investor getting out / rebalancing?