Flagstar Bank, National Association (NYSE:FLG) Reaches New 52-Week Low Following Weak Earnings

Flagstar Bank, National Association (NYSE:FLG) hit a new 52-week low on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $10.42 and last traded at $10.8660, with a volume of 1,884,812 shares traded. The stock had previously closed at $11.44.

The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%. The firm had revenue of $530.00 million for the quarter, compared to analyst estimates of $545.12 million. During the same period last year, the firm earned ($0.07) EPS.

Flagstar Bank, National Association announced that its Board of Directors has approved a share buyback plan on Friday, July 24th that allows the company to buy back $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.1% of its stock through open market purchases. Share repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FLG has been the subject of a number of research reports. Wall Street Zen cut shares of Flagstar Bank, National Association from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th. Royal Bank Of Canada lowered their price target on shares of Flagstar Bank, National Association from $15.00 to $13.00 and set a “sector perform” rating on the stock in a research report on Friday, October 9th. TD Cowen lowered their price target on shares of Flagstar Bank, National Association from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Raymond James Financial assumed coverage on shares of Flagstar Bank, National Association in a research note on Wednesday, September 2nd. They set a “market perform” rating for the company. Finally, Morgan Stanley cut their price objective on Flagstar Bank, National Association from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, September 28th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Flagstar Bank, National Association currently has a consensus rating of “Moderate Buy” and an average price target of $15.96.

Hedge Funds Weigh In On Flagstar Bank, National Association

A number of institutional investors have recently modified their holdings of FLG. Engineers Gate Manager LP purchased a new position in shares of Flagstar Bank, National Association during the second quarter valued at approximately $8,480,000. Polar Asset Management Partners Inc. grew its stake in Flagstar Bank, National Association by 36.8% in the 1st quarter. Polar Asset Management Partners Inc. now owns 1,626,388 shares of the company’s stock worth $21,420,000 after acquiring an additional 437,939 shares during the period. California State Teachers Retirement System grew its stake in Flagstar Bank, National Association by 26.2% in the 1st quarter. California State Teachers Retirement System now owns 372,461 shares of the company’s stock worth $4,905,000 after acquiring an additional 77,292 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Flagstar Bank, National Association by 106.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 611,191 shares of the company’s stock worth $8,049,000 after acquiring an additional 315,691 shares during the period. Finally, Cannell & Spears LLC acquired a new position in Flagstar Bank, National Association in the 1st quarter valued at $1,788,000. Institutional investors and hedge funds own 67.88% of the company’s stock.

Flagstar Bank, National Association Price Performance

The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 353.83 and a beta of 1.05. The company has a fifty day simple moving average of $12.53 and a two-hundred day simple moving average of $13.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.90 and a current ratio of 0.90.

Flagstar Bank, National Association Company Profile

Flagstar Bank, National Association is a full-service regional bank and the principal banking subsidiary of Flagstar Financial, Inc, formerly known as New York Community Bancorp. The bank provides consumer and business banking services through deposits, checking and savings accounts, lending, cash management, and digital banking channels.

Flagstar’s lending activities include residential mortgages, mortgage servicing, commercial real estate loans, multifamily financing, commercial and industrial loans, and other consumer credit products.