Flagstar Bank, National Association $FLG Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its FLG stake by 26.2% in the first quarter, purchasing 77,292 additional shares and bringing its holdings to 372,461 shares worth approximately $4.9 million. Institutional investors and hedge funds own 67.88% of the stock.
• Analysts maintain a generally positive outlook, with nine Buy ratings, three Holds and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $16.79. The stock recently traded at $14.15.
• Flagstar reported quarterly revenue of $512 million and adjusted earnings of $0.05 per share, both below consensus expectations, while revenue rose 4% year over year. The company also declared a $0.01 quarterly dividend and authorized a $250 million share-repurchase plan.

California State Teachers Retirement System lifted its stake in shares of Flagstar Bank, National Association (NYSE:FLG - Free Report) by 26.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 372,461 shares of the company's stock after purchasing an additional 77,292 shares during the quarter. California State Teachers Retirement System owned about 0.09% of Flagstar Bank, National Association worth $4,905,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. raised its position in Flagstar Bank, National Association by 23.6% during the 4th quarter. UMB Bank n.a. now owns 3,766 shares of the company's stock worth $47,000 after buying an additional 719 shares during the last quarter. Allworth Financial LP lifted its position in Flagstar Bank, National Association by 8.6% in the fourth quarter. Allworth Financial LP now owns 10,994 shares of the company's stock valued at $138,000 after purchasing an additional 869 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Flagstar Bank, National Association by 6.2% in the third quarter. Mercer Global Advisors Inc. ADV now owns 16,060 shares of the company's stock valued at $185,000 after purchasing an additional 936 shares during the period. Collar Capital Management LLC boosted its holdings in Flagstar Bank, National Association by 0.9% in the 4th quarter. Collar Capital Management LLC now owns 117,025 shares of the company's stock valued at $1,473,000 after purchasing an additional 1,075 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in Flagstar Bank, National Association by 4.0% in the 1st quarter. Empowered Funds LLC now owns 29,313 shares of the company's stock valued at $386,000 after purchasing an additional 1,117 shares in the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FLG. Piper Sandler increased their price objective on shares of Flagstar Bank, National Association from $16.50 to $17.50 and gave the stock an "overweight" rating in a research report on Friday, June 26th. TD Cowen dropped their target price on Flagstar Bank, National Association from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Monday, July 27th. Cantor Fitzgerald upped their target price on Flagstar Bank, National Association from $16.00 to $17.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Barclays increased their price target on Flagstar Bank, National Association from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings lowered Flagstar Bank, National Association from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $16.79.

Flagstar Bank, National Association Trading Down 1.0%

NYSE:FLG opened at $14.15 on Friday. The firm has a 50-day simple moving average of $14.58 and a 200-day simple moving average of $13.89. Flagstar Bank, National Association has a one year low of $10.57 and a one year high of $15.44. The firm has a market cap of $5.90 billion, a P/E ratio of 471.70 and a beta of 1.01. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.97 and a current ratio of 0.97.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last released its quarterly earnings results on Friday, July 24th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%.The company had revenue of $512.00 million during the quarter, compared to the consensus estimate of $539.34 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. The company's revenue was up 4.0% on a year-over-year basis. Equities analysts anticipate that Flagstar Bank, National Association will post 0.35 EPS for the current fiscal year.

Flagstar Bank, National Association Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Monday, September 7th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, September 4th. Flagstar Bank, National Association's dividend payout ratio is 133.33%.

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

Flagstar Bank, National Association Profile

Flagstar Financial Corporation NYSE: FLG is a bank holding company whose principal subsidiary, Flagstar Bank, provides a range of financial services across the United States. Headquartered in Troy, Michigan, Flagstar combines commercial banking, mortgage lending and servicing, and deposit products to serve individuals, businesses and public entities. As a publicly traded company, Flagstar leverages its banking charter and national mortgage platform to deliver tailored financial solutions through both digital and branch channels.

The company's mortgage business is one of the largest residential originators and servicers in the nation, offering retail, wholesale and correspondent lending channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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