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Written by Carolina Mandl
NEW YORK (Reuters) – A number of prominent fund managers bought shares in New York Community Bancorp in the fourth quarter of 2023, according to a securities filing, after the unexpected quarterly loss reported last month. Stock prices of troubled financial companies plummeted.
The fund’s positions were disclosed in securities filings known as 13Fs, which hedge funds and other institutional investors file at the end of each quarter. Because the filings are retrospective, it was not possible to know whether the funds still held positions when NYCB stock plunged.
The documents also do not show the fund’s entire portfolio, including bets on stocks. As a result, it is impossible for investors to know whether they are long or short on a net basis.
Among the buyers was Soros Fund Management, the asset manager for billionaire George Soros’ Open Society Foundations, which had increased its position to 1,476,180 shares worth $15 million at the end of the fourth quarter. ), it was revealed in the submitted documents. The fund held 440,000 shares at the end of the third quarter.
Cliff Anes’ AQR Capital Management bought 4.1 million shares of the bank’s stock, adding to its position in the third quarter to about 2 million shares.
Multi-strategy hedge fund Millennium Management added approximately 3 million shares to NYCB in the final quarter of 2023, ending the year with 3.5 million shares.
Paul Tudor’s Tudor Investment Corporation bought a new position in the bank with 252,028 shares.
David Einhorn’s Greenlight Capital increased its stake by about 100,000 shares, and by the end of December it owned 1.8 million shares of the bank’s stock.
NYCB stock has fallen 54.6% since the beginning of the year. The bank announced on January 31 that it had cut its dividend after posting a quarterly loss due to large loan provisions related to the commercial real estate industry.
(Reporting by Karolina Mandl in New York; Editing by Ira Iosebashvili, Leslie Adler and Michael Perry)
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