Zacks Investment Research Lowers Flagstar Bancorp, Inc. (FBC) to Hold
Zacks Investment Research downgraded shares of Flagstar Bancorp, Inc. (NYSE:FBC) from a buy rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Flagstar Bancorp, Inc. is the holding company for Flagstar Bank, FSB, a federally chartered stock savings bank. Through its retail banking centers and e-commerce distribution channels, Flagstar attracts deposits from the general public. The institution utilizes these deposits, along with other funds garnered from the secondary market, to originate or acquire loans on a nationwide basis. “
Several other research analysts have also recently issued reports on the company. ValuEngine raised Flagstar Bancorp from a buy rating to a strong-buy rating in a research report on Friday, September 1st. Raymond James Financial, Inc. started coverage on Flagstar Bancorp in a research report on Thursday, August 31st. They issued an outperform rating and a $36.00 price objective on the stock. Piper Jaffray Companies reissued a buy rating and issued a $35.00 price objective on shares of Flagstar Bancorp in a research report on Monday, August 28th. BidaskClub cut Flagstar Bancorp from a hold rating to a sell rating in a research report on Saturday, August 19th. Finally, FBR & Co reissued an outperform rating and issued a $35.00 price objective (up previously from $32.00) on shares of Flagstar Bancorp in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $35.80.
Shares of Flagstar Bancorp (NYSE:FBC) opened at 33.69 on Monday. The company has a market cap of $1.93 billion, a PE ratio of 12.91 and a beta of 0.86. The stock’s 50 day moving average price is $32.30 and its 200-day moving average price is $30.17. Flagstar Bancorp has a 52 week low of $25.06 and a 52 week high of $33.97.
Flagstar Bancorp (NYSE:FBC) last announced its earnings results on Tuesday, July 25th. The savings and loans company reported $0.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.09. The company had revenue of $97.00 million for the quarter, compared to analysts’ expectations of $87.95 million. Flagstar Bancorp had a return on equity of 10.15% and a net margin of 16.52%. Flagstar Bancorp’s quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Analysts expect that Flagstar Bancorp will post $2.37 EPS for the current year.
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Institutional investors and hedge funds have recently modified their holdings of the business. Schwab Charles Investment Management Inc. raised its stake in shares of Flagstar Bancorp by 5.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 90,702 shares of the savings and loans company’s stock valued at $2,557,000 after buying an additional 4,605 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Flagstar Bancorp by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 206,513 shares of the savings and loans company’s stock valued at $5,822,000 after buying an additional 21,682 shares during the period. Bank of America Corp DE raised its stake in shares of Flagstar Bancorp by 2.7% in the first quarter. Bank of America Corp DE now owns 116,669 shares of the savings and loans company’s stock valued at $3,289,000 after buying an additional 3,079 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Flagstar Bancorp by 125.4% in the first quarter. Nuveen Asset Management LLC now owns 578,255 shares of the savings and loans company’s stock valued at $16,301,000 after buying an additional 321,734 shares during the period. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Flagstar Bancorp in the first quarter valued at $2,831,000. Hedge funds and other institutional investors own 96.25% of the company’s stock.
About Flagstar Bancorp
Flagstar Bancorp, Inc is a savings and loan holding company. The Company’s business is primarily conducted through its principal subsidiary, Flagstar Bank, FSB. It operates through four segments: Community Banking, Mortgage Originations, Mortgage Servicing, and Other. Through Mortgage Originations segment, it originates, acquires and sells one- to four-family residential mortgage loans.
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