Flagstar Bank, National Association $FLG Stock Bought by D.A. Davidson & CO.

Key Points

• D.A. Davidson increased its Flagstar Bank stake by 35.4% in the third quarter, bringing its holdings to 418,150 shares valued at approximately $4.88 million. Institutional investors collectively own 67.88% of the company.
• Flagstar’s stock opened at $10.50, near its 12-month low, after the bank reported quarterly EPS of $0.01—below the $0.07 consensus—and revenue of $530 million versus expectations of $545.12 million.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $14.54, while the company has authorized a $250 million share repurchase program and declared a quarterly dividend of $0.01 per share.

D.A. Davidson & CO. grew its position in Flagstar Bank, National Association (NYSE:FLG - Free Report) by 35.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 418,150 shares of the company's stock after buying an additional 109,250 shares during the period. D.A. Davidson & CO.'s holdings in Flagstar Bank, National Association were worth $4,880,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FLG. IFP Advisors Inc lifted its stake in shares of Flagstar Bank, National Association by 114.0% during the second quarter. IFP Advisors Inc now owns 3,013 shares of the company's stock valued at $45,000 after acquiring an additional 1,605 shares during the period. Core Capital Management & Research inc. bought a new position in Flagstar Bank, National Association in the second quarter valued at about $50,000. Signature Equity Partners LLC acquired a new stake in Flagstar Bank, National Association in the first quarter worth about $74,000. Nykredit A S acquired a new stake in Flagstar Bank, National Association in the second quarter worth about $153,000. Finally, HB Wealth Management LLC increased its position in Flagstar Bank, National Association by 16.5% in the first quarter. HB Wealth Management LLC now owns 12,042 shares of the company's stock worth $159,000 after purchasing an additional 1,704 shares during the period. Institutional investors own 67.88% of the company's stock.

Insider Activity

In related news, Director Alan L. Frank purchased 10,000 shares of the stock in a transaction dated Tuesday, October 27th. The stock was bought at an average cost of $10.14 per share, with a total value of $101,400.00. Following the purchase, the director directly owned 76,463 shares in the company, valued at $775,334.82. The trade was a 15.05% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 21.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Truist Financial cut their target price on shares of Flagstar Bank, National Association from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, October 26th. Barclays lowered their price target on shares of Flagstar Bank, National Association from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, October 26th. Morgan Stanley dropped their price target on shares of Flagstar Bank, National Association from $17.00 to $16.00 and set an "overweight" rating for the company in a research note on Monday, September 28th. Citigroup dropped their price target on shares of Flagstar Bank, National Association from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, October 27th. Finally, Wall Street Zen lowered shares of Flagstar Bank, National Association from a "hold" rating to a "sell" rating in a report on Saturday, September 26th. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Flagstar Bank, National Association presently has an average rating of "Moderate Buy" and a consensus price target of $14.54.

Flagstar Bank, National Association Stock Up 0.3%

NYSE:FLG opened at $10.50 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.53. Flagstar Bank, National Association has a 12-month low of $9.93 and a 12-month high of $15.44. The stock's fifty day simple moving average is $12.11 and its 200-day simple moving average is $13.43. The firm has a market capitalization of $4.36 billion, a P/E ratio of 70.00 and a beta of 1.05.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last released its quarterly earnings data on Friday, October 23rd. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). Flagstar Bank, National Association had a net margin of 2.22% and a return on equity of 1.45%. The company had revenue of $530.00 million during the quarter, compared to the consensus estimate of $545.12 million. During the same quarter in the prior year, the company posted ($0.07) EPS. Equities research analysts expect that Flagstar Bank, National Association will post 0.15 earnings per share for the current year.

Flagstar Bank, National Association declared that its board has authorized a stock repurchase program on Friday, July 24th that permits the company to buy back $250 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.1% of its stock through open market purchases. Share buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Flagstar Bank, National Association Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Monday, December 7th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, December 7th. Flagstar Bank, National Association's payout ratio is presently 26.67%.

Flagstar Bank, National Association Company Profile

Flagstar Bank, National Association is a full-service regional bank and the principal banking subsidiary of Flagstar Financial, Inc, formerly known as New York Community Bancorp. The bank provides consumer and business banking services through deposits, checking and savings accounts, lending, cash management, and digital banking channels.

Flagstar's lending activities include residential mortgages, mortgage servicing, commercial real estate loans, multifamily financing, commercial and industrial loans, and other consumer credit products.

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.