Flagstar Bank, National Association’s (FLG) “Buy” Rating Reiterated at DA Davidson

DA Davidson restated their buy rating on shares of Flagstar Bank, National Association (NYSE:FLG) in a research note published on Monday,Benzinga reports. They currently have a $17.00 target price on the stock.

Several other brokerages have also recently issued reports on FLG. Piper Sandler lifted their price objective on Flagstar Bank, National Association from $16.50 to $17.50 and gave the stock an “overweight” rating in a report on Friday, June 26th. Wall Street Zen raised Flagstar Bank, National Association from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Flagstar Bank, National Association in a research report on Friday, July 17th. Truist Financial upgraded shares of Flagstar Bank, National Association from a “hold” rating to a “buy” rating and lifted their target price for the stock from $13.50 to $17.00 in a research report on Tuesday, April 7th. Finally, Royal Bank Of Canada reduced their price target on shares of Flagstar Bank, National Association from $16.00 to $15.00 and set a “sector perform” rating on the stock in a report on Monday. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Flagstar Bank, National Association presently has an average rating of “Moderate Buy” and an average price target of $16.79.

Flagstar Bank, National Association Trading Up 1.0%

Shares of Flagstar Bank, National Association stock opened at $14.12 on Monday. Flagstar Bank, National Association has a 12-month low of $10.57 and a 12-month high of $15.44. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.43. The stock has a market cap of $5.88 billion, a PE ratio of 470.50 and a beta of 1.01. The company has a 50-day moving average of $14.54 and a two-hundred day moving average of $13.84.

Flagstar Bank, National Association (NYSE:FLG) last announced its quarterly earnings results on Friday, July 24th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $512.00 million for the quarter, compared to analysts’ expectations of $539.34 million. Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%.Flagstar Bank, National Association’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.14) EPS. On average, research analysts anticipate that Flagstar Bank, National Association will post 0.37 EPS for the current fiscal year.

Flagstar Bank, National Association Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Monday, September 7th will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.3%. Flagstar Bank, National Association’s payout ratio is currently 133.33%.

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 repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 4.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Flagstar Bank, National Association

Several large investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew its holdings in Flagstar Bank, National Association by 1,130.1% in the 2nd quarter. Alliancebernstein L.P. now owns 6,635,962 shares of the company’s stock valued at $70,341,000 after buying an additional 6,096,512 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Flagstar Bank, National Association during the 4th quarter worth about $53,216,000. Norges Bank acquired a new stake in shares of Flagstar Bank, National Association in the fourth quarter worth approximately $44,046,000. North Reef Capital Management LP acquired a new stake in shares of Flagstar Bank, National Association in the first quarter worth approximately $36,744,000. Finally, SG Americas Securities LLC grew its holdings in Flagstar Bank, National Association by 14,586.4% in the first quarter. SG Americas Securities LLC now owns 2,098,389 shares of the company’s stock valued at $27,636,000 after purchasing an additional 2,084,101 shares during the period. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

About Flagstar Bank, National Association

Flagstar Financial Corporation (NYSE: FLG) is a bank holding company whose principal subsidiary, Flagstar Bank, provides a range of financial services across the United States. Headquartered in Troy, Michigan, Flagstar combines commercial banking, mortgage lending and servicing, and deposit products to serve individuals, businesses and public entities. As a publicly traded company, Flagstar leverages its banking charter and national mortgage platform to deliver tailored financial solutions through both digital and branch channels.

The company’s mortgage business is one of the largest residential originators and servicers in the nation, offering retail, wholesale and correspondent lending channels.