New York Community Bancorp\u2019s stock rose, outpacing gains in other financial stocks, on Thursday after Soros Fund Management disclosed an increased stake in the hard-hit regional bank.<\/p>\n
Soros Fund Management acquired 1,036,180 shares of New York Community Bancorp to bring its stake up to just under 1.48 million shares, according to a filing.<\/p>\n
New York Community Bancorp\u2019s stock The stock is now up 14.3% in the past week, after executives at the company bought stock Friday at 1997 prices<\/a>. <\/p>\n The stock price is now well above its 52-week low of $3.60 a share.<\/p>\n Even with the gains, however, the stock remains at levels not seen since 2000 prior to February\u2019s swoon. <\/p>\n The SPDR S&P Bank ETF\u00a0KBE<\/a>\u00a0rose 2.6% and the S&P Regional Banking ETF Meanwhile, the bank disclosed it was planning to meet with institutional investors in February and March, according to a Thursday filing.<\/p>\n The bank\u2019s main messages in an investor presentation include actively reducing its commercial real estate concentration and executing initiatives to support long-term profitability. <\/p>\n The bank said its management and board have been buying stock in the open market \u201cas we strongly believe in the future of our institution.\u201d<\/p>\n Also read:<\/strong> Fed\u2019s Barr says banking system is strong despite New York Community Bancorp\u2019s woes<\/a> <\/p>\n<\/p><\/div>\n<\/div>\n
\n NYCB,
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\n rose nearly 3% to $4.78 a share as it continued its recovery a surprise loss earlier this month that rekindled fears about the strength of U.S. regional banks.<\/a><\/p>\n
\n KRE<\/a>
\n rose 2.2%. The two indices are up by 3.4% and 3.9% respectively, for the week.<\/p>\n