Norges Bank Takes $44.05 Million Position in Flagstar Bank, National Association $FLG

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Flagstar Bank, National Association, buying 3.5 million shares valued at about $44.05 million, or 0.84% of the company.
• Other big institutions also increased positions, and overall institutional ownership stands at 67.88%, highlighting continued investor interest in the stock.
• Flagstar recently beat earnings estimates with $0.04 EPS versus $0.03 expected, and analysts remain mixed-to-positive with an average Hold rating and a consensus price target of $15.42.

Norges Bank acquired a new stake in shares of Flagstar Bank, National Association (NYSE:FLG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,498,468 shares of the company's stock, valued at approximately $44,046,000. Norges Bank owned 0.84% of Flagstar Bank, National Association at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FLG. Alliancebernstein L.P. grew its position in shares of Flagstar Bank, National Association by 1,130.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,635,962 shares of the company's stock valued at $70,341,000 after acquiring an additional 6,096,512 shares during the period. JPMorgan Chase & Co. grew its position in shares of Flagstar Bank, National Association by 310.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,825,713 shares of the company's stock valued at $44,187,000 after acquiring an additional 2,894,424 shares during the period. Goldman Sachs Group Inc. purchased a new position in shares of Flagstar Bank, National Association during the 1st quarter valued at about $21,022,000. Barclays PLC lifted its position in shares of Flagstar Bank, National Association by 118.3% during the 3rd quarter. Barclays PLC now owns 3,118,855 shares of the company's stock valued at $36,023,000 after buying an additional 1,690,435 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Flagstar Bank, National Association by 132.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,699,958 shares of the company's stock valued at $19,635,000 after buying an additional 968,854 shares in the last quarter. Institutional investors own 67.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised Flagstar Bank, National Association from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $14.00 to $16.00 in a research report on Friday, March 13th. Morgan Stanley lifted their price objective on Flagstar Bank, National Association from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Monday, March 2nd. DA Davidson lifted their price objective on Flagstar Bank, National Association from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Flagstar Bank, National Association in a research report on Tuesday, April 21st. Finally, Citigroup lifted their target price on shares of Flagstar Bank, National Association from $16.50 to $17.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Flagstar Bank, National Association has an average rating of "Hold" and a consensus price target of $15.42.

Flagstar Bank, National Association Stock Up 0.4%

Shares of FLG opened at $14.08 on Tuesday. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of -63.98 and a beta of 1.02. Flagstar Bank, National Association has a 1 year low of $10.38 and a 1 year high of $14.92. The business's 50 day simple moving average is $13.89 and its 200-day simple moving average is $13.27. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.90 and a quick ratio of 0.90.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last announced its earnings results on Friday, April 24th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $507.00 million for the quarter, compared to analysts' expectations of $556.74 million. Flagstar Bank, National Association had a negative net margin of 1.22% and a negative return on equity of 0.11%. The business's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.26) EPS. As a group, equities analysts expect that Flagstar Bank, National Association will post 0.46 earnings per share for the current fiscal year.

Flagstar Bank, National Association Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Sunday, June 7th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, June 5th. Flagstar Bank, National Association's dividend payout ratio is currently -18.18%.

Flagstar Bank, National Association Company 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.

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