Insider Buys: What's Going On With New York Community Bancorp Stock?

New York Community Bancorp, Inc. (NYSE:NYCB) shares are trading higher Friday. Several company insiders reported stock purchases, including CEO Thomas Cangemi. Here's a look at what's going on.

What To Know:

New York Community Bancorp shares have fallen more than 55% over the past two weeks after the company reported worse-than-expected fourth-quarter results and sparked fear among investors regarding the financial stability of the bank.

According to SEC filings, several company insiders have reported purchases of the bank's stock on Friday:

CEO, President and Director Thomas Cangemi purchased 11,310 shares
Director Peter Schoels purchased 100,000 shares
Director David Treadwell purchased 15,000 shares
Senior Executive Vice President Lee Matthew Smith purchased 25,000 shares
Director Jennifer Whip purchased 5,100 shares
Director Alessandro DiNello purchased 50,000 shares

New York Community Bancorp shares are moving on heavy trading volume as investors digest the insider buys. According to data from Benzinga Pro, more than 34.8 million shares have already been traded in the session, compared to the stock’s 100-day average of 19.752 million shares.

NYCB Price Action: According to Benzinga Pro, New York Community Bancorp shares are up 7.5% at $4.50 at the time of publication.

Image: New York Community Bank app. Photo via Shutterstock

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