Published on 7 May 2024 on Motley Fool via Yahoo Finance
Don't Waste Your Time Waiting for New York Community Bancorp's Turnaround. These Stocks Are Better...
To simplify the story, New York Community Bancorp (NYSE: NYCB) got too big, too fast just as interest rate increases made operating a bank more complicated. It ended up needing a huge cash infusion, and it massively reduced its dividend to just a penny per share per quarter, all in support of a broader turnaround effort. Now that it offers little in the way of dividend income and is facing a multi-year turnaround, investors would be better served looking at U.S. giants like Bank of America (NYSE: BAC) and Citigroup (NYSE: C), or high-yield Canadian giants Toronto-Dominion Bank (NYSE: TD) and Bank of Nova Scotia (NYSE: BNS), which are both in the midst their own turnarounds. Here's why.
Buy these U.S. giants