Flagstar Bank, National Association (NYSE:FLG) Stock Price Target Cut by Truist Financial

Key Points

• Truist Financial cut Flagstar’s price target from $17 to $15 while maintaining a “buy” rating, implying 33.39% upside from the stock’s previous close. Analysts overall maintain a “Moderate Buy” consensus with an average target of $16.21.
• FLG shares fell 0.9% to $11.24, near the lower end of their 12-month range of $10.57 to $15.44. The company recently reported quarterly EPS of $0.05, below the $0.06 consensus, and revenue of $512 million, also below expectations.
• Flagstar authorized a $250 million share-repurchase program, allowing buybacks of up to 4.1% of outstanding shares; institutional investors currently own 67.88% of the stock.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) had its target price decreased by Truist Financial from $17.00 to $15.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price target indicates a potential upside of 33.39% from the stock's previous close.

FLG has been the subject of a number of other reports. Morgan Stanley lowered their price objective on 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. Barclays reduced their target price on Flagstar Bank, National Association from $17.00 to $15.00 and set an "overweight" rating on the stock in a report on Monday. Cantor Fitzgerald lifted their target price on Flagstar Bank, National Association from $16.00 to $17.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. UBS Group began coverage on Flagstar Bank, National Association in a research report on Tuesday, July 7th. They issued a "buy" rating and a $18.00 target price for the company. Finally, Royal Bank Of Canada lowered their price target on Flagstar Bank, National Association from $16.00 to $15.00 and set a "sector perform" rating for the company in a report on Monday, July 27th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.21.

Flagstar Bank, National Association Stock Down 0.9%

FLG stock traded down $0.10 during mid-day trading on Friday, hitting $11.24. 912,086 shares of the company were exchanged, compared to its average volume of 4,927,798. The company has a market capitalization of $4.67 billion, a PE ratio of 375.50 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.43. Flagstar Bank, National Association has a twelve month low of $10.57 and a twelve month high of $15.44. The firm has a fifty day simple moving average of $13.12 and a 200 day simple moving average of $13.83.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last issued its earnings results on Friday, July 24th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). Flagstar Bank, National Association had a net margin of 1.08% and a return on equity of 0.98%. The company had revenue of $512.00 million during the quarter, compared to analyst estimates of $539.34 million. During the same quarter last year, the company posted ($0.14) EPS. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, research analysts forecast that Flagstar Bank, National Association will post 0.28 earnings per share for the current fiscal year.

Flagstar Bank, National Association announced that its Board of Directors has authorized a share repurchase plan on Friday, July 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 4.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Flagstar Bank, National Association

A number of large investors have recently bought and sold shares of FLG. Interval Partners LP bought a new stake in Flagstar Bank, National Association in the fourth quarter valued at $11,632,000. Engineers Gate Manager LP bought a new position in shares of Flagstar Bank, National Association during the second quarter worth about $8,480,000. One William Street Capital Management L.P. grew its position in shares of Flagstar Bank, National Association by 95.1% during the fourth quarter. One William Street Capital Management L.P. now owns 400,000 shares of the company's stock worth $5,036,000 after acquiring an additional 195,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Flagstar Bank, National Association by 106.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 611,191 shares of the company's stock worth $8,049,000 after acquiring an additional 315,691 shares during the period. Finally, Polar Asset Management Partners Inc. increased its holdings in shares of Flagstar Bank, National Association by 36.8% in the 1st 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 period. 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.

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