US regional banks fall on New York Community Bancorp's cue

BankUnited

01/02/2024 15:48

** Shares of U.S. regional banks decline following New York
Community Bancorp's  NYCB.N  slump in morning trade 
    ** KBW Regional Banking Index  .KRX  nears two-month low,
last down 2.9%  
    ** NYCB's shares hit a 23-and-a-half-year low in previous
session, after it cut its dividend and posted a surprise
fourth-quarter loss; last down 10% in the current session 
    ** The bank updated its earnings presentation later on
Wednesday to include its net interest income (NII) forecast,
after not giving a clear number earlier despite repeated
requests by J.P.Morgan analyst Steven Alexopoulos
     ** Citizens Financial  CFG.N , Banc of California  BANC.N ,
Comerica  CMA.N , M&T Bank  MTB.N , Bank OZK  OZK.O , BankUnited
 BKU.N , Zions Bancorp  ZION.N , Western Alliance Bancorp
 WAL.N  and Valley National Bancorp  VLY.O  fall between 4% and
8% 
    ** "We believe NYCB has several idiosyncratic
characteristics, but the result and reaction are reminders of
risks that remain in the regional banking space," Jefferies
analysts wrote 

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))