New York Community rallies 14% after insiders buy shares

Shares of New York Community Bancorp are moving higher after the company’s new Chairman of the Board, Alessandro DiNello, disclosed the purchase of 50,000 shares at an average price of $4.19, for a total value of $209,480. The bank’s CEO Thomas Cangemi also purchased shares, buying 11,310 of them for a total value of $49,877. Other insiders disclosed stock purchases in regulatory filings as well. Shares of New York Community are up 14% to $4.78 in afternoon trading.