JPMorgan Chase & Co. Cuts Flagstar Bank, National Association (NYSE:FLG) Price Target to $14.00

Key Points

• JPMorgan lowered Flagstar’s price target to $14 from $15.50 while maintaining a neutral rating, implying approximately 22.5% upside from the previous close.
• Analyst sentiment remains broadly positive, with 10 Buy, three Hold, and one Sell rating; the consensus target is $16.62, representing a “Moderate Buy” average rating.
• Flagstar shares fell 2.1% to $11.43, while the company’s board authorized a $250 million share-repurchase plan covering up to 4.1% of outstanding shares.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) had its price objective reduced by JPMorgan Chase & Co. from $15.50 to $14.00 in a report issued on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 22.54% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of Flagstar Bank, National Association from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 18th. Raymond James Financial initiated coverage on shares of Flagstar Bank, National Association in a report on Wednesday, September 2nd. They issued a "market perform" rating on the stock. Cantor Fitzgerald lifted their price objective on shares of 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. Royal Bank Of Canada reduced their price objective on shares of Flagstar Bank, National Association from $16.00 to $15.00 and set a "sector perform" rating for the company in a research note on Monday, July 27th. Finally, Piper Sandler increased their target price on shares of Flagstar Bank, National Association from $16.50 to $17.50 and gave the company an "overweight" rating in a research report on Friday, June 26th. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.62.

Flagstar Bank, National Association Trading Down 2.1%

FLG traded down $0.24 during trading on Thursday, hitting $11.43. 1,985,124 shares of the stock were exchanged, compared to its average volume of 4,883,625. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day simple moving average of $13.43 and a 200 day simple moving average of $13.86. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 379.50 and a beta of 0.99. Flagstar Bank, National Association has a 1 year low of $10.57 and a 1 year high of $15.44.

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 for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $512.00 million during the quarter, compared to analysts' expectations of $539.34 million. Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%.Flagstar Bank, National Association's quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.14) earnings per share. As a group, equities analysts expect that Flagstar Bank, National Association will post 0.31 EPS for the current year.

Flagstar Bank, National Association announced that its board has approved a stock repurchase plan on Friday, July 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Flagstar Bank, National Association

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc increased its stake in shares of Flagstar Bank, National Association by 114.0% during the second quarter. IFP Advisors Inc now owns 3,013 shares of the company's stock worth $45,000 after purchasing an additional 1,605 shares in the last quarter. Core Capital Management & Research inc. purchased a new position in Flagstar Bank, National Association in the 2nd quarter valued at about $50,000. Eurizon Capital SGR S.p.A. purchased a new position in Flagstar Bank, National Association in the 4th quarter valued at about $54,000. Signature Equity Partners LLC acquired a new stake in Flagstar Bank, National Association in the 1st quarter worth about $74,000. Finally, Nykredit A S acquired a new stake in Flagstar Bank, National Association in the 2nd quarter worth about $153,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.