Soros Fund Management dumps New York Community Bank stake

By William Watts

Soros Fund Management, the family office founded by billionaire trading legend George Soros, eliminated its stake in New York Community Bank in the first quarter, according to a regulatory filing on Wednesday.

Soros Fund Management sold more than 1.476 million shares of the lender (NYCB), eliminating its stake as of March 31.

Fitch Ratings last week cut its long-term issuer default ratings for New York Community Bancorp Inc. deeper into junk territory, but said the bank's downside risks have stabilized. NYCB shares are down 64% in the year to date.

Meanwhile, Soros Fund Management added more than 270,000 shares of Alphabet Class A shares (GOOGL), bringing the position to nearly 1.5 million shares, with a value of nearly $225 million as of the end of the first quarter, the filing showed.

Large investors are required to report long positions in stocks and options as of the end of each calendar quarter. The 13-F filings are due 45 days after the end of a calendar quarter, which means positions may have changed significantly.

-William Watts

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05-15-24 1906ET

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