Raymond James Financial Begins Coverage on Flagstar Bank, National Association (NYSE:FLG)

Key Points

• Raymond James initiated coverage of Flagstar Bank with a “market perform” rating. Overall analyst sentiment remains a “Moderate Buy,” with a consensus price target of $16.79.
• Flagstar’s latest quarterly results fell slightly short of expectations, reporting $0.05 in EPS versus $0.06 forecast and revenue of $512 million versus $539.34 million expected.
• The company authorized a $250 million share repurchase program, allowing it to buy back up to 4.1% of outstanding shares; institutional investors own 67.88% of the stock.

Equities research analysts at Raymond James Financial started coverage on shares of Flagstar Bank, National Association (NYSE:FLG - Get Free Report) in a report issued on Wednesday. The firm set a "market perform" rating on the stock.

FLG has been the subject of a number of other research reports. UBS Group started coverage on shares of 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. Morgan Stanley increased their price target on Flagstar Bank, National Association from $14.00 to $15.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings upgraded Flagstar Bank, National Association from a "sell (e+)" rating to a "sell (d+)" rating in a research note on Friday, August 21st. Citigroup lifted their price objective on Flagstar Bank, National Association from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Finally, Royal Bank Of Canada reduced their price objective on Flagstar Bank, National Association from $16.00 to $15.00 and set a "sector perform" rating for the company in a research report on Monday, July 27th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $16.79.

Flagstar Bank, National Association Stock Performance

Shares of Flagstar Bank, National Association stock traded up $0.32 during trading on Wednesday, hitting $13.38. 140,164 shares of the company's stock traded hands, compared to its average volume of 4,880,876. Flagstar Bank, National Association has a 1 year low of $10.57 and a 1 year high of $15.44. The business has a 50-day simple moving average of $14.32 and a 200-day simple moving average of $13.93. The stock has a market capitalization of $5.55 billion, a P/E ratio of 445.80 and a beta of 0.99. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.90 and a quick ratio of 0.90.

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 analysts' consensus estimates of $0.06 by ($0.01). The business 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 period last year, the firm posted ($0.14) EPS. As a group, analysts forecast that Flagstar Bank, National Association will post 0.33 EPS for the current year.

Flagstar Bank, National Association announced that its Board of Directors has initiated 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 reacquire up to 4.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Flagstar Bank, National Association

A number of institutional investors have recently bought and sold shares of FLG. California State Teachers Retirement System lifted its position in Flagstar Bank, National Association by 1,338.7% during the second quarter. California State Teachers Retirement System now owns 5,358,694 shares of the company's stock valued at $80,059,000 after purchasing an additional 4,986,233 shares in the last quarter. HB Wealth Management LLC increased its position in Flagstar Bank, National Association by 16.7% in the second quarter. HB Wealth Management LLC now owns 14,048 shares of the company's stock worth $210,000 after buying an additional 2,006 shares in the last quarter. AXQ Capital LP raised its stake in shares of Flagstar Bank, National Association by 141.4% in the second quarter. AXQ Capital LP now owns 115,748 shares of the company's stock worth $1,729,000 after buying an additional 67,794 shares during the period. Nykredit A S bought a new position in shares of Flagstar Bank, National Association in the second quarter worth about $153,000. Finally, Mirador Capital Partners LP lifted its position in shares of Flagstar Bank, National Association by 1.8% during the 2nd quarter. Mirador Capital Partners LP now owns 89,706 shares of the company's stock valued at $1,340,000 after buying an additional 1,571 shares in the last quarter. 67.88% of the stock is owned by institutional investors.

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.

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