Rafferty Asset Management LLC Makes New $8.60 Million Investment in Flagstar Financial, Inc. $FLG

Key Points

• Rafferty Asset Management LLC acquired 739,748 shares of Flagstar Financial, Inc. valued at approximately $8.6 million, increasing its ownership stake to 0.18% as per its recent SEC filing.
• Multiple large investors also bought significant stakes in Flagstar Financial during the first quarter, with Liberty 77 Capital L.P. leading with an investment of about $871.5 million.
• The company reported (-$0.14) earnings per share last quarter, falling short of analysts' expectations, while predicting a -0.31 EPS for the current fiscal year.

Rafferty Asset Management LLC purchased a new stake in shares of Flagstar Financial, Inc. (NYSE:FLG - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 739,748 shares of the company's stock, valued at approximately $8,596,000. Rafferty Asset Management LLC owned about 0.18% of Flagstar Financial at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the company. Corebridge Financial Inc. purchased a new stake in Flagstar Financial in the first quarter worth $5,309,000. Comerica Bank purchased a new stake in Flagstar Financial in the first quarter worth $990,000. MetLife Investment Management LLC purchased a new stake in Flagstar Financial in the first quarter worth $3,572,000. Quantitative Investment Management LLC purchased a new stake in Flagstar Financial in the first quarter worth $524,000. Finally, Hotchkis & Wiley Capital Management LLC purchased a new stake in Flagstar Financial in the first quarter worth $11,975,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Flagstar Financial Price Performance

NYSE:FLG traded up $0.04 during trading hours on Monday, hitting $12.82. 3,511,685 shares of the company's stock traded hands, compared to its average volume of 5,830,467. The firm has a market cap of $5.33 billion, a P/E ratio of -7.77 and a beta of 1.20. Flagstar Financial, Inc. has a 52 week low of $8.56 and a 52 week high of $13.35. The business's fifty day simple moving average is $11.62 and its two-hundred day simple moving average is $11.64. 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 posted its quarterly earnings data on Friday, July 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Flagstar Financial had a negative net margin of 10.83% and a negative return on equity of 6.60%. The business had revenue of $496.00 million for the quarter, compared to the consensus estimate of $524.33 million. Flagstar Financial's revenue for the quarter was down 26.1% compared to the same quarter last year. On average, research analysts anticipate that Flagstar Financial, Inc. will post -0.31 earnings per share for the current fiscal year.

Flagstar Financial Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 0.3%. Flagstar Financial's payout ratio is -2.42%.

Analyst Ratings Changes

A number of analysts have issued reports on FLG shares. Stephens reissued an "equal weight" rating and issued a $12.50 target price on shares of Flagstar Financial in a research report on Thursday, June 12th. Jefferies Financial Group assumed coverage on Flagstar Financial in a research report on Wednesday, May 21st. They issued a "buy" rating and a $15.00 price target for the company. Wall Street Zen cut Flagstar Financial from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. reduced their price target on Flagstar Financial from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, July 1st. Finally, DA Davidson reiterated a "buy" rating and issued a $14.50 price target on shares of Flagstar Financial in a research report on Thursday, June 26th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Flagstar Financial has a consensus rating of "Hold" and an average target price of $13.33.

Flagstar Financial Company 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.