Royal Bank Of Canada Has Lowered Expectations for Flagstar Bank, National Association (NYSE:FLG) Stock Price

Key Points

• Royal Bank of Canada lowered Flagstar’s price target from $15 to $13 while maintaining a “sector perform” rating, implying 14.14% upside from the prior close.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $16.04, although several firms recently reduced their targets.
• Flagstar’s shares rose 0.4% to $11.39, while its latest quarterly results fell slightly short of estimates; the company also authorized a $250 million share buyback, covering up to 4.1% of outstanding shares.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) had its price objective lowered by stock analysts at Royal Bank Of Canada from $15.00 to $13.00 in a report released on Friday, Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 14.14% from the company's previous close.

Several other research firms also recently weighed in on FLG. DA Davidson reiterated a "buy" rating and set a $17.00 price target on shares of Flagstar Bank, National Association in a research note on Monday, July 27th. Weiss Ratings upgraded Flagstar Bank, National Association from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, October 2nd. Truist Financial cut their target price on shares of Flagstar Bank, National Association from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Friday. TD Cowen reduced their target price on shares of Flagstar Bank, National Association from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Flagstar Bank, National Association from $15.50 to $14.00 and set a "neutral" rating on the stock in a research report on Thursday, October 1st. Ten investment analysts have rated the stock with a Buy rating and four have issued 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 price target of $16.04.

Flagstar Bank, National Association Stock Up 0.4%

Flagstar Bank, National Association stock traded up $0.04 during midday trading on Friday, hitting $11.39. 3,521,258 shares of the stock were exchanged, compared to its average volume of 4,941,651. Flagstar Bank, National Association has a 52-week low of $10.57 and a 52-week high of $15.44. The business's 50-day moving average price is $13.12 and its 200-day moving average price is $13.83. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 379.30 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.43.

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

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

Institutional Investors Weigh In On Flagstar Bank, National Association

Several hedge funds have recently added to or reduced their stakes in FLG. Empowered Funds LLC lifted its position in shares of Flagstar Bank, National Association by 4.0% during the 1st quarter. Empowered Funds LLC now owns 29,313 shares of the company's stock valued at $386,000 after buying an additional 1,117 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Flagstar Bank, National Association by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 72,095 shares of the company's stock worth $949,000 after acquiring an additional 1,400 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of Flagstar Bank, National Association by 0.5% during the 1st quarter. D.A. Davidson & CO. now owns 278,650 shares of the company's stock worth $3,670,000 after purchasing an additional 1,400 shares during the period. Mirador Capital Partners LP raised its position in Flagstar Bank, National Association by 1.8% in the second quarter. Mirador Capital Partners LP now owns 89,706 shares of the company's stock valued at $1,340,000 after purchasing an additional 1,571 shares during the period. Finally, IFP Advisors Inc boosted its position 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 buying an additional 1,605 shares during the period. 67.88% of the stock is owned by institutional investors.

Flagstar Bank, National Association Company Profile

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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