Corebridge Financial Inc. Purchases Shares of 456,922 Flagstar Financial, Inc. $FLG

Key Points

• Corebridge Financial Inc. acquired approximately $5.31 million worth of shares in Flagstar Financial, representing about 0.11% of the company.
• Flagstar Financial's recent earnings report showed a loss of ($0.14) EPS, missing analyst expectations and a 26.1% revenue decline year-over-year.
• A quarterly dividend of $0.01 per share was announced, with a scheduled payment on September 17th, highlighting a 0.3% yield for shareholders.

Corebridge Financial Inc. bought a new position 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 institutional investor bought 456,922 shares of the company's stock, valued at approximately $5,309,000. Corebridge Financial Inc. owned approximately 0.11% of Flagstar Financial at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FLG. KLP Kapitalforvaltning AS bought a new stake in shares of Flagstar Financial during the 1st quarter valued at $712,000. AE Wealth Management LLC purchased a new position in Flagstar Financial during the 1st quarter valued at about $216,000. Princeton Capital Management LLC bought a new stake in shares of Flagstar Financial during the first quarter valued at about $128,000. Cetera Investment Advisers bought a new stake in shares of Flagstar Financial during the first quarter valued at about $885,000. Finally, Neo Ivy Capital Management bought a new stake in Flagstar Financial during the 1st quarter worth approximately $2,103,000. 67.88% of the stock is owned by institutional investors.

Flagstar Financial Trading Up 1.0%

Shares of Flagstar Financial stock traded up $0.13 during trading on Thursday, reaching $12.96. The company's stock had a trading volume of 1,905,180 shares, compared to its average volume of 6,349,357. Flagstar Financial, Inc. has a 52-week low of $8.56 and a 52-week high of $13.35. The company has a market cap of $5.39 billion, a price-to-earnings ratio of -7.85 and a beta of 1.20. The firm's 50-day moving average is $11.72 and its two-hundred day moving average is $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 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 business had revenue of $496.00 million during the quarter, compared to analysts' expectations of $524.33 million. The company's revenue was down 26.1% on a year-over-year basis. On average, sell-side analysts anticipate that Flagstar Financial, Inc. will post -0.31 earnings per share for the current year.

Flagstar Financial Dividend Announcement

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

Wall Street Analyst Weigh In

FLG has been the subject of a number of research analyst reports. Stephens reiterated an "equal weight" rating and set a $12.50 price target on shares of Flagstar Financial in a research report on Thursday, June 12th. Jefferies Financial Group assumed coverage on shares of Flagstar Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $15.00 target price for the company. Truist Financial decreased their price target on shares of Flagstar Financial from $13.00 to $12.00 and set a "hold" rating on the stock in a report on Friday, July 11th. JPMorgan Chase & Co. lowered their price objective 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, Wall Street Zen lowered shares of Flagstar Financial from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Flagstar Financial presently has a consensus rating of "Hold" and an average target price of $13.33.

About Flagstar Financial

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.