TD Cowen Cuts Flagstar Bank, National Association (NYSE:FLG) Price Target to $17.00

Flagstar Bank, National Association (NYSE:FLG) had its price target decreased by TD Cowen from $18.00 to $17.00 in a research note released on Monday morning,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other brokerages also recently commented on FLG. Citigroup lifted their target price on Flagstar Bank, National Association from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Truist Financial raised Flagstar Bank, National Association from a “hold” rating to a “buy” rating and raised their price target for the stock from $13.50 to $17.00 in a report on Tuesday, April 7th. Piper Sandler raised their price target 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. UBS Group started coverage on Flagstar Bank, National Association in a research report on Tuesday, July 7th. They set a “buy” rating and a $18.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on Flagstar Bank, National Association from $15.50 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.79.

Flagstar Bank, National Association Trading Up 1.0%

NYSE FLG opened at $14.12 on Monday. Flagstar Bank, National Association has a one year low of $10.57 and a one year high of $15.44. The company has a 50-day simple moving average of $14.54 and a 200-day simple moving average of $13.84. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $5.88 billion, a PE ratio of 470.50 and a beta of 1.01.

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

Flagstar Bank, National Association declared that its board has approved a stock repurchase program on Friday, July 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Flagstar Bank, National Association Announces Dividend

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

Institutional Investors Weigh In On Flagstar Bank, National Association

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of Flagstar Bank, National Association by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,487,034 shares of the company’s stock worth $94,277,000 after buying an additional 467,053 shares during the period. Dimensional Fund Advisors LP increased its position in Flagstar Bank, National Association by 9.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,731,631 shares of the company’s stock valued at $88,645,000 after acquiring an additional 569,003 shares during the period. Alliancebernstein L.P. raised its stake in Flagstar Bank, National Association by 1,130.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,635,962 shares of the company’s stock valued at $70,341,000 after acquiring an additional 6,096,512 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Flagstar Bank, National Association by 60.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,626,146 shares of the company’s stock valued at $58,243,000 after acquiring an additional 1,750,889 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new position in Flagstar Bank, National Association during the 4th quarter worth $53,216,000. Institutional investors own 67.88% of the company’s stock.

Flagstar Bank, National Association Company Profile

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.