(Bloomberg) -- New York Community Bancorp sank by double digits for the fourth time in five days, extending a rout that was triggered last week by a surprise quarterly loss and move to slash its dividend.

Shares of the lender slumped 22% on Tuesday, closing at the lowest level since 1997. The stock has now slumped about 60% since its earnings release on Jan. 31, erasing roughly $4.5 billion from its market capitalization. 

Investors have dumped the shares in the past week as stock analysts abandoned bullish calls and Moody’s Investors Service put the company’s credit on review for downgrade. The bank’s shock announcement came as it braces for stiffer regulation following deals that lifted its assets above $100 billion — particularly its purchase last year of Signature Bank’s deposits and some of its loans — as well as potential weakness in office and multifamily property markets.

The latest tumble comes after a report that the bank faced pressure from officials at the Office of the Comptroller of the Currency before its decision to lower its quarterly dividend and increase its loan-loss provision to more than 10 times what analysts had been expecting. 

“While the road could be bumpy, we remain constructive on the name,” Piper Sandler analyst Mark Fitzgibbon wrote in a Tuesday note. He holds an overweight rating on the stock.

Read more: NYCB’s Talks With Watchdog Led to Moves That Rocked Market 

Wedbush analyst David Chiaverini, who holds the lone sell-equivalent recommendation on the stock among analysts tracked by Bloomberg, lowered it to underweight in November, citing a bleak outlook for rent-regulated multifamily New York housing lending. 

On Tuesday, he said that while the pressures that spurred last week’s developments weren’t a surprise, the suddenness and magnitude of the changes were. 

“I was very much mindful of the stress that they’re facing in the rent-regulated multifamily portfolio and I would have expected that to come through 2024,” Chiaverini said. “But I was not expecting them to have to set aside as much as they did, all right in the fourth-quarter.”

Read more: A $560 Billion Property Warning Hits Banks From NY to Tokyo

The company didn’t immediately respond to a request for comment on the renewed selloff Tuesday. 

Interest in put options on the stock jumped even more than during the height of last week’s selloff. When shares plunged a record 38% on the day of its earnings report, the volume of puts traded barely outpaced calls. On Tuesday — as of 3:35 p.m. in New York — the ratio was two-to-one.

Regional bank stocks more broadly have come under pressure following NYCB’s results given concerns about real estate exposure, leaving the KBW Regional Banking Index down around 12% year-to-date. The sector gauge fell 1.4% on Tuesday as the stock market was steady overall. Valley National Bancorp was the second-worst performer in the index, after NYCB, slumping 8%. 

--With assistance from Carly Wanna and Diana Li.

(Updates trading, adds analyst commentary.)

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