Shares of New York Community Bancorp saw a boost as company executives and board members made significant purchases of the undervalued stock. The share price rose 14% to $4.78 in midday trading, although it remains down by approximately 50% over the past year.
Notable Purchases
Chairman Alessandro DiNello displayed confidence in the company by acquiring over $200,000 worth of stock, with an average price of about $4.19 per share. Chief Executive Thomas Cangemi joined in, purchasing nearly $50,000 worth of shares, as reported in a recent securities filing.
Strong Support from Board Members
Peter Schoels, a member of the regional bank’s board, demonstrated his faith in the stock by buying over $400,000 worth of shares. David Treadwell, another director, showed a similar level of confidence with a purchase totaling around $63,000.
Additional Insider Purchases
Other insiders who purchased shares include NYCB President of Mortgage Lee Smith, who acquired just over $100,000 worth of stock, and Director Jennifer Whip, who bought just over $20,000 worth.
Total Insider Purchases
In total, insiders bought more than $830,000 worth of New York Community Bancorp stock.
