T. Rowe Price Investment Management Inc. Takes $76.91 Million Position in Flagstar Financial, Inc. $FLG

Key Points

• T. Rowe Price Investment Management Inc. acquired 6,618,769 shares of Flagstar Financial, valued at approximately $76.9 million, representing about 1.59% ownership of the company.
• Flagstar Financial reported a loss of ($0.14) earnings per share for the quarter, falling short of analysts' consensus estimates, with a revenue decline of 26.1% year-over-year.
• The company recently declared a quarterly dividend of $0.01 per share, yielding 0.3%, with the ex-dividend date set for September 5th.

T. Rowe Price Investment Management Inc. purchased a new stake in shares of Flagstar Financial, Inc. (NYSE:FLG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,618,769 shares of the company's stock, valued at approximately $76,911,000. T. Rowe Price Investment Management Inc. owned 1.59% of Flagstar Financial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in Flagstar Financial during the first quarter valued at $51,000. Bayforest Capital Ltd acquired a new stake in Flagstar Financial during the first quarter valued at $97,000. HB Wealth Management LLC acquired a new stake in Flagstar Financial during the first quarter valued at $119,000. Keynote Financial Services LLC acquired a new stake in shares of Flagstar Financial in the first quarter valued at about $122,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in shares of Flagstar Financial in the first quarter valued at about $122,000. Institutional investors and hedge funds own 67.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLG. DA Davidson reiterated a "buy" rating and issued a $14.50 target price on shares of Flagstar Financial in a research report on Thursday, June 26th. Wall Street Zen lowered shares of Flagstar Financial from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Citigroup lifted their target price on shares of Flagstar Financial from $15.50 to $16.50 and gave the company a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Flagstar Financial from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 1st. Finally, Jefferies Financial Group began coverage on shares of Flagstar Financial in a research report on Wednesday, May 21st. They issued a "buy" rating and a $15.00 target price on the stock. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Flagstar Financial presently has a consensus rating of "Hold" and an average price target of $13.33.

Flagstar Financial Trading Down 0.8%

FLG stock traded down $0.10 during trading on Wednesday, reaching $12.90. 3,037,591 shares of the stock were exchanged, compared to its average volume of 6,424,646. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. The business has a 50 day moving average price of $11.53 and a 200-day moving average price of $11.64. Flagstar Financial, Inc. has a 1 year low of $8.56 and a 1 year high of $13.35. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -7.82 and a beta of 1.11.

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

Flagstar Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Sunday, September 7th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.04 dividend on an annualized basis 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.