Flagstar Bank, National Association (NYSE:FLG) Stock Gets Price Target Reduction from Truist Financial

Flagstar Bank, National Association (NYSE:FLG) had its target price cut by Truist Financial from $17.00 to $15.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently issued reports on FLG. Barclays lowered their target price on shares of Flagstar Bank, National Association from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Piper Sandler lifted their price target on shares of Flagstar Bank, National Association from $16.50 to $17.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Cantor Fitzgerald boosted their price objective on shares of Flagstar Bank, National Association from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Morgan Stanley decreased their price objective on shares of Flagstar Bank, National Association from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Monday, September 28th. Finally, Raymond James Financial assumed coverage on shares of Flagstar Bank, National Association in a research report on Wednesday, September 2nd. They set a “market perform” rating on the stock. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.04.

Flagstar Bank, National Association Trading Up 0.1%

Shares of NYSE:FLG opened at $11.34 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.90 and a quick ratio of 0.90. Flagstar Bank, National Association has a 1 year low of $10.57 and a 1 year high of $15.44. The company has a market cap of $4.71 billion, a P/E ratio of 377.83 and a beta of 1.05. The stock’s fifty day moving average price is $13.07 and its 200-day moving average price is $13.82.

Flagstar Bank, National Association (NYSE:FLG) last released its quarterly earnings data on Friday, July 24th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%. The business had revenue of $512.00 million during the quarter, compared to the consensus estimate of $539.34 million. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Flagstar Bank, National Association’s quarterly revenue was up 4.0% compared to the same quarter last year. Sell-side analysts expect that Flagstar Bank, National Association will post 0.28 earnings per share for the current year.

Flagstar Bank, National Association announced that its board has approved a share repurchase plan on Friday, July 24th that permits the company to repurchase $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.1% of its shares through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Flagstar Bank, National Association Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Monday, September 7th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, September 4th. Flagstar Bank, National Association’s dividend payout ratio is 133.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in shares of Flagstar Bank, National Association by 26.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 21,218 shares of the company’s stock valued at $248,000 after purchasing an additional 4,376 shares during the last quarter. Core Capital Management & Research inc. purchased a new position in shares of Flagstar Bank, National Association in the second quarter worth approximately $50,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Flagstar Bank, National Association by 166.5% in the second quarter. Sequoia Financial Advisors LLC now owns 33,438 shares of the company’s stock worth $500,000 after buying an additional 20,893 shares during the last quarter. Tidal Investments LLC bought a new stake in Flagstar Bank, National Association during the second quarter valued at approximately $207,000. Finally, Engineers Gate Manager LP bought a new stake in Flagstar Bank, National Association during the second quarter valued at approximately $8,480,000. Institutional investors own 67.88% of the company’s stock.

About Flagstar Bank, National Association

Flagstar Bank, National Association is the principal banking subsidiary of Flagstar Financial, Inc (NYSE: FLG). The bank provides a range of financial services to consumers, businesses and institutional clients, including deposit accounts, residential and commercial lending, consumer loans, credit products and treasury management services.

Flagstar also has a significant mortgage banking business, offering home purchase and refinancing loans through retail, broker and correspondent channels.