Legacy Capital Group California Inc. Invests $299,000 in Flagstar Financial, Inc. (NYSE:FLG)

Key Points

• Legacy Capital Group California Inc. acquired 25,707 shares of Flagstar Financial, valued at approximately $299,000, signaling confidence in the stock's potential.
• Flagstar Financial has seen significant interest from institutional investors, with 67.88% of the stock currently owned by hedge funds.
• The company reported a net loss of ($0.14) earnings per share for the last quarter, missing analysts' estimates by ($0.02) while experiencing a revenue decline of 26.1% year-over-year.

Legacy Capital Group California Inc. purchased a new stake in shares of Flagstar Financial, Inc. (NYSE:FLG - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 25,707 shares of the company's stock, valued at approximately $299,000.

Several other hedge funds have also recently modified their holdings of the business. Bayforest Capital Ltd purchased a new stake in shares of Flagstar Financial in the 1st quarter valued at approximately $97,000. HB Wealth Management LLC purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $119,000. Princeton Capital Management LLC purchased a new stake in shares of Flagstar Financial during the 1st quarter worth approximately $128,000. Wellington Shields & Co. LLC purchased a new stake in Flagstar Financial in the 1st quarter valued at $131,000. Finally, R Squared Ltd purchased a new stake in Flagstar Financial in the 1st quarter valued at $131,000. Hedge funds and other institutional investors own 67.88% of the company's stock.

Analyst Ratings Changes

FLG has been the topic of a number of recent analyst reports. Stephens reaffirmed an "equal weight" rating and set a $12.50 price target on shares of Flagstar Financial in a research note on Thursday, June 12th. Truist Financial cut their price objective 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. DA Davidson reaffirmed a "buy" rating and issued a $14.50 price objective on shares of Flagstar Financial in a research report on Thursday, June 26th. Jefferies Financial Group began coverage on shares of Flagstar Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $15.00 price target for the company. Finally, Wall Street Zen downgraded shares of Flagstar Financial from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.22.

Flagstar Financial Stock Performance

Flagstar Financial stock traded down $0.12 during trading hours on Monday, reaching $11.44. 1,566,559 shares of the company were exchanged, compared to its average volume of 6,452,436. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -6.93 and a beta of 1.11. 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 stock has a 50-day moving average of $11.38 and a 200 day moving average of $11.56. Flagstar Financial, Inc. has a 12 month low of $8.56 and a 12 month high of $13.35.

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 net margin of 10.83% and a negative return on equity of 6.60%. The firm had revenue of $496.00 million during the quarter, compared to analyst estimates of $524.33 million. The business's revenue for the quarter was down 26.1% compared to the same quarter last year. As a group, research analysts anticipate that Flagstar Financial, Inc. will post -0.31 earnings per share for the current year.

Flagstar Financial Announces Dividend

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 issued a $0.01 dividend. 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 (DPR) is -2.42%.

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.