NYCB Rallies on Acquisition of SNBY Assets, Liabilities

New York Community Bancorp (NYCB) lost roughly half of its value during the past few sessions of banking sector turmoil. It’s now rallying almost back to where it was before the crisis, and TD Ameritrade Network Senior Markets correspondent George Tsilis says its acquisition of certain Signature Bank (SBNY) assets and liabilities has much to do with it. “NYCB got assets and deposits at a supreme discount… shoring up its assets to liabilities ratio.” Earlier, D.A. Davidson upgraded its rating on NYCB to a Buy from Hold and announced an $11.50 price target. The analyst believes NYCB’s acquisition will accelerate its goal to adopt more of a commercial bank structure and add to its EPS by 2024.