Mendon Capital Advisors Corp Acquires New Position in Flagstar Financial, Inc. $FLG

Mendon Capital Advisors Corp bought a new position in shares of Flagstar Financial, Inc. (NYSE:FLG) in the 1st quarter, HoldingsChannel reports. The fund bought 189,000 shares of the company’s stock, valued at approximately $2,403,000. Flagstar Financial makes up 1.2% of Mendon Capital Advisors Corp’s portfolio, making the stock its 26th biggest holding.

Several other hedge funds also recently bought and sold shares of the stock. Mutual of America Capital Management LLC purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $1,814,000. Liberty 77 Capital L.P. purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $871,500,000. PNC Financial Services Group Inc. purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $288,000. American Century Companies Inc. purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $405,000. Finally, LPL Financial LLC purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $2,423,000. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Flagstar Financial Stock Performance

NYSE:FLG opened at $12.61 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74. Flagstar Financial, Inc. has a fifty-two week low of $8.56 and a fifty-two week high of $13.35. The stock has a market cap of $5.24 billion, a PE ratio of -7.64 and a beta of 1.20. The firm’s fifty day simple moving average is $11.88 and its 200-day simple moving average is $11.64.

Flagstar Financial (NYSE:FLG) last released its quarterly earnings data on Friday, July 25th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The business had revenue of $496.00 million during the quarter, compared to analysts’ expectations of $524.33 million. Flagstar Financial had a negative return on equity of 6.60% and a negative net margin of 10.83%.The company’s revenue was down 26.1% on a year-over-year basis. Analysts expect that Flagstar Financial, Inc. will post -0.31 earnings per share for the current fiscal year.

Flagstar Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Sunday, September 7th will be issued a $0.01 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.04 annualized dividend and a yield of 0.3%. Flagstar Financial’s dividend payout ratio (DPR) is presently -2.42%.

Analyst Ratings Changes

FLG has been the subject of several recent analyst reports. Truist Financial reduced their price objective on shares of Flagstar Financial from $13.00 to $12.00 and set a “hold” rating for the company in a research report on Friday, July 11th. Stephens reaffirmed an “equal weight” rating and issued a $12.50 target price on shares of Flagstar Financial in a report on Thursday, June 12th. JPMorgan Chase & Co. cut their target price on shares of Flagstar Financial from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, July 1st. DA Davidson reaffirmed a “buy” rating and issued a $14.50 target price on shares of Flagstar Financial in a report on Thursday, June 26th. Finally, Jefferies Financial Group initiated coverage on shares of Flagstar Financial in a report on Wednesday, May 21st. They issued a “buy” rating and a $15.00 target price on the stock. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.33.

About Flagstar Financial

Flagstar Financial, Inc operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company’s deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit.