Phoenix Financial Ltd. Acquires New Holdings in Flagstar Financial, Inc. (NYSE:FLG)

Key Points

• Phoenix Financial Ltd. acquired 180,094 shares of Flagstar Financial, Inc. for approximately $2,093,000 in the first quarter.
• Flagstar Financial reported a loss of ($0.14) EPS in its latest earnings, missing analysts' expectations and showing a 26.1% decline in revenue year-over-year.
• The company also declared a quarterly dividend of $0.01 per share, reflecting a 0.35% yield, with an upcoming payment date set for September 17th.

Phoenix Financial Ltd. purchased a new position in Flagstar Financial, Inc. (NYSE:FLG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 180,094 shares of the company's stock, valued at approximately $2,093,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Private Management Group Inc. purchased a new position in shares of Flagstar Financial in the first quarter worth about $35,669,000. Neo Ivy Capital Management purchased a new position in Flagstar Financial during the first quarter worth about $2,103,000. Cetera Investment Advisers purchased a new position in Flagstar Financial during the first quarter worth about $885,000. KLP Kapitalforvaltning AS purchased a new position in Flagstar Financial during the first quarter worth about $712,000. Finally, Pacer Advisors Inc. purchased a new position in Flagstar Financial during the first quarter worth about $296,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Flagstar Financial Stock Down 0.6%

Shares of FLG stock traded down $0.07 during trading on Wednesday, reaching $11.75. The company's stock had a trading volume of 1,811,379 shares, compared to its average volume of 6,435,412. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $4.88 billion, a price-to-earnings ratio of -7.12 and a beta of 1.10. The stock's 50-day moving average price is $11.46 and its 200 day moving average price is $11.43. Flagstar Financial, Inc. has a 1-year low of $8.56 and a 1-year high of $13.35.

Flagstar Financial (NYSE:FLG - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate 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 business had revenue of $496.00 million during the quarter, compared to analysts' expectations of $524.33 million. The company's revenue for the quarter was down 26.1% on a year-over-year basis. On average, research analysts anticipate that Flagstar Financial, Inc. will post -0.31 EPS for the current year.

Flagstar Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Sunday, September 7th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.04 annualized dividend and a yield of 0.34%. Flagstar Financial's dividend payout ratio is currently -2.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLG. DA Davidson reaffirmed a "buy" rating and set a $14.50 target price on shares of Flagstar Financial in a research note on Thursday, June 26th. Jefferies Financial Group began coverage on shares of Flagstar Financial in a research note on Wednesday, May 21st. They set a "buy" rating and a $15.00 target price on the stock. Truist Financial reduced their target price on shares of Flagstar Financial from $13.00 to $12.00 and set a "hold" rating on the stock in a research note on Friday, July 11th. Stephens reaffirmed an "equal weight" rating and set a $12.50 target price on shares of Flagstar Financial in a research note on Thursday, June 12th. Finally, Citigroup lifted their price target on shares of Flagstar Financial from $15.00 to $15.50 and gave the company a "buy" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $13.22.

Flagstar Financial 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.