Flagstar Bank, National Association (NYSE:FLG) Given New $13.00 Price Target at Barclays

Key Points

• Barclays lowered its price target for Flagstar Bank from $14 to $13 while maintaining an “overweight” rating, implying approximately 22.4% upside from the stock’s $10.62 price.
• Analyst sentiment remains mixed but leans positive: 10 analysts rate the stock a Buy, three Hold, and two Sell, resulting in a “Moderate Buy” consensus and an average price target of $14.46.
• Flagstar’s latest quarter fell short of expectations, with EPS of $0.01 versus $0.07 expected and revenue of $530 million versus $545.12 million projected. The company has also authorized a $250 million share buyback, representing up to 4.1% of outstanding shares.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) had its target price decreased by stock analysts at Barclays from $14.00 to $13.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target would indicate a potential upside of 22.42% from the company's current price.

Other analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Flagstar Bank, National Association from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, October 27th. Morgan Stanley dropped their price target on Flagstar Bank, National Association from $17.00 to $16.00 and set an "overweight" rating for the company in a research note on Monday, September 28th. Raymond James Financial initiated coverage on Flagstar Bank, National Association in a research report on Wednesday, September 2nd. They set a "market perform" rating on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 price objective on shares of Flagstar Bank, National Association in a research report on Tuesday, October 27th. Finally, Truist Financial lowered their target price on Flagstar Bank, National Association from $15.00 to $13.00 and set a "buy" rating for the company in a report on Monday, October 26th. Ten investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $14.46.

Flagstar Bank, National Association Trading Down 1.2%

FLG opened at $10.62 on Tuesday. The company's 50 day moving average is $12.05 and its 200-day moving average is $13.42. Flagstar Bank, National Association has a 1-year low of $9.93 and a 1-year high of $15.44. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.53. The company has a market cap of $4.41 billion, a P/E ratio of 70.54 and a beta of 1.05.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last announced its quarterly earnings results on Friday, October 23rd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). The company had revenue of $530.00 million for the quarter, compared to the consensus estimate of $545.12 million. Flagstar Bank, National Association had a net margin of 2.22% and a return on equity of 1.45%. During the same period last year, the firm posted ($0.07) earnings per share. Equities research analysts predict that Flagstar Bank, National Association will post 0.15 earnings per share for the current fiscal year.

Flagstar Bank, National Association declared that its Board of Directors has initiated a stock buyback plan on Friday, July 24th that allows the company to repurchase $250 million in shares. This repurchase authorization allows the company to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Activity

In other Flagstar Bank, National Association news, Director Alan L. Frank purchased 10,000 shares of the business's stock in a transaction dated Tuesday, October 27th. The shares were bought at an average price of $10.14 per share, for a total transaction of $101,400.00. Following the completion of the acquisition, the director owned 76,463 shares in the company, valued at approximately $775,334.82. This trade represents a 15.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 21.42% of the company's stock.

Institutional Trading of Flagstar Bank, National Association

Several institutional investors have recently modified their holdings of FLG. Dimensional Fund Advisors LP lifted its holdings in Flagstar Bank, National Association by 9.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,731,631 shares of the company's stock worth $88,645,000 after buying an additional 569,003 shares during the period. North Reef Capital Management LP bought a new position in shares of Flagstar Bank, National Association during the first quarter worth about $36,744,000. Polar Asset Management Partners Inc. raised its position in shares of Flagstar Bank, National Association by 36.8% during the first 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 last quarter. Principal Financial Group Inc. lifted its stake in shares of Flagstar Bank, National Association by 3.8% in the first quarter. Principal Financial Group Inc. now owns 673,282 shares of the company's stock worth $8,867,000 after acquiring an additional 24,659 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Flagstar Bank, National Association in the second quarter worth approximately $8,480,000. Institutional investors own 67.88% of the company's stock.

About Flagstar Bank, National Association

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.

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