6,379,777 Shares in Flagstar Financial, Inc. $FLG Purchased by Azora Capital LP

Key Points

• Azora Capital LP has acquired 6,379,777 shares of Flagstar Financial, Inc., valued at approximately $74 million, making it the 8th largest position in its portfolio.
• Analysts have mixed ratings on Flagstar Financial, with a consensus rating of "Hold" and a target price averaging $13.33, while recent reports saw downgrades to "sell" and reductions in price targets from major firms.
• Flagstar Financial reported a loss of ($0.14) per share during its last quarter, missing expectations and indicating a 26.1% revenue drop year-over-year.

Azora Capital LP acquired a new position in shares of Flagstar Financial, Inc. (NYSE:FLG - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,379,777 shares of the company's stock, valued at approximately $74,133,000. Flagstar Financial makes up approximately 5.0% of Azora Capital LP's holdings, making the stock its 8th biggest position. Azora Capital LP owned 1.54% of Flagstar Financial as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FLG. Bayview Asset Management LLC bought a new position in Flagstar Financial in the first quarter valued at approximately $1,937,000. Samalin Investment Counsel LLC bought a new position in Flagstar Financial in the first quarter valued at approximately $222,000. Rafferty Asset Management LLC bought a new position in Flagstar Financial in the first quarter valued at approximately $8,596,000. Corebridge Financial Inc. bought a new position in Flagstar Financial in the first quarter valued at approximately $5,309,000. Finally, Comerica Bank bought a new position in Flagstar Financial in the first quarter valued at approximately $990,000. 67.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FLG has been the subject of a number of analyst reports. Wall Street Zen downgraded Flagstar Financial from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Truist Financial decreased their price target on Flagstar Financial from $13.00 to $12.00 and set a "hold" rating for the company in a research note on Friday, July 11th. Stephens restated an "equal weight" rating and issued a $12.50 price target on shares of Flagstar Financial in a research note on Thursday, June 12th. Jefferies Financial Group initiated coverage on Flagstar Financial in a research note on Wednesday, May 21st. They issued a "buy" rating and a $15.00 price target for the company. Finally, Citigroup raised their price objective on Flagstar Financial from $15.50 to $16.50 and gave the company a "buy" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Flagstar Financial currently has a consensus rating of "Hold" and a consensus target price of $13.33.

Flagstar Financial Stock Performance

FLG opened at $12.80 on Friday. Flagstar Financial, Inc. has a 12-month low of $8.56 and a 12-month high of $13.35. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of -7.76 and a beta of 1.11. The business has a 50 day moving average of $11.59 and a 200-day moving average of $11.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74.

Flagstar Financial (NYSE:FLG - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $496.00 million for the quarter, compared to analyst estimates of $524.33 million. Flagstar Financial had a negative return on equity of 6.60% and a negative net margin of 10.83%.Flagstar Financial's quarterly revenue was down 26.1% on a year-over-year basis. On average, equities research analysts expect that Flagstar Financial, Inc. will post -0.31 earnings per share for the current year.

Flagstar Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Sunday, September 7th will be paid a $0.01 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.04 annualized dividend and a yield of 0.3%. Flagstar Financial's payout ratio is -2.42%.

Flagstar Financial Profile

Flagstar Financial, Inc operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company's deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit.

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