Insiders at New York Community Bancorp (NYCB) showed confidence in the regional lender by purchasing over $800,000 worth of stock on Friday. This comes as NYCB shares rallied following a recent slump.
Alessandro DiNello Invests in NYCB
Executive Chairman Alessandro DiNello demonstrated his belief in NYCB's potential by acquiring 50,000 NYCB shares at an average price of $4.19 each. DiNello made this purchase through an individual retirement account, which now holds a total of 114,305 shares. In addition, he possesses 131,064 shares in a personal account and another 2,422,140 shares through family trusts.
Most of the NYCB stock owned by DiNello was originally shares of Flagstar Bancorp. These were converted after NYCB acquired Flagstar Bancorp on December 1, 2022. DiNello transitioned from the role of nonexecutive chairman to executive chairman on February 7. In this new position, he works alongside President and CEO Thomas R. Cangemi to enhance all aspects of the bank's operations. DiNello expressed his commitment to stabilizing NYCB and assured that they will do whatever it takes to succeed.
Peter Schoels Shows Confidence in NYCB
Director Peter Schoels also displayed confidence in NYCB by purchasing 100,000 shares at an average price of $4.15 each. Schoels now owns a personal account with 147,438 NYCB shares and holds unvested stock awards for an additional 11,220 shares. He serves as a managing partner at investment advisor MP Global Advisers.
Remember to always consult professional financial advice before making any investment decisions.
Stock Transactions by Corporate Executives and Board Members
Senior executive vice president and president of mortgage, Lee M. Smith, recently acquired 25,000 shares of NYCB at an average price of $4.05 per share, for a total of $101,250. This purchase brings Smith's total ownership to 1.4 million shares in his personal account, in addition to having unvested stock awards for 337,792 shares.
Notable buyers in this recent transaction also include directors David Treadwell and Jennifer R. Whip. Treadwell, the former CEO of manufacturer EaglePicher, purchased 15,000 shares of NYCB for $62,550, at an average price of $4.17 per share. Likewise, Whip, a principal with Cambridge One, LLC and a former Fannie Mae executive, acquired 5,100 NYCB shares for $21,267.
Following these purchases, Treadwell now possesses a total of 173,900 NYCB shares along with unvested stock awards for 11,220 shares. Whip's ownership has increased to 92,864 NYCB shares, in addition to having unvested stock awards for 11,220 shares as well.
The information presented above is part of Inside Scoop, a regular feature that provides insights into stock transactions made by corporate executives and board members (also known as insiders), prominent figures, politicians, and large shareholders. As insiders, these investors are obligated to disclose their stock trades to regulatory groups such as the Securities and Exchange Commission.