Private Management Group Inc. Takes $35.67 Million Position in Flagstar Financial, Inc. (NYSE:FLG)

Key Points

• Private Management Group Inc. purchased a significant new stake in Flagstar Financial, Inc., acquiring over 3 million shares valued at approximately $35.7 million, making it the firm's 15th largest holding.
• Several analysts have updated their ratings on Flagstar Financial, with a consensus rating of "Hold" and a price target averaging around $13.22, indicating mixed sentiments among equity researchers.
• Flagstar Financial's shares have dipped 3.0%, with a current trading price of $12.07, and the company reported a miss in earnings estimates with an EPS of ($0.14) for the most recent quarter.

Private Management Group Inc. bought a new position in shares of Flagstar Financial, Inc. (NYSE:FLG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,069,632 shares of the company's stock, valued at approximately $35,669,000. Flagstar Financial comprises approximately 1.3% of Private Management Group Inc.'s holdings, making the stock its 15th biggest holding. Private Management Group Inc. owned about 0.74% of Flagstar Financial as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Princeton Capital Management LLC acquired a new stake in Flagstar Financial in the 1st quarter worth about $128,000. AE Wealth Management LLC acquired a new stake in Flagstar Financial in the 1st quarter worth about $216,000. Pacer Advisors Inc. acquired a new stake in Flagstar Financial in the 1st quarter worth about $296,000. KLP Kapitalforvaltning AS acquired a new stake in Flagstar Financial in the 1st quarter worth about $712,000. Finally, Cetera Investment Advisers acquired a new stake in Flagstar Financial in the 1st quarter worth about $885,000. Institutional investors and hedge funds own 67.88% of the company's stock.

Flagstar Financial Stock Up 2.6%

Shares of Flagstar Financial stock traded up $0.29 during trading on Tuesday, reaching $11.65. 2,509,072 shares of the company traded hands, compared to its average volume of 6,435,792. 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 50 day moving average price of $11.47 and a 200-day moving average price of $11.43. Flagstar Financial, Inc. has a 1-year low of $8.56 and a 1-year high of $13.35. The firm has a market capitalization of $4.84 billion, a PE ratio of -7.06 and a beta of 1.10.

Flagstar Financial (NYSE:FLG - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Flagstar Financial had a negative return on equity of 6.60% and a negative net margin of 10.83%. The business had revenue of $496.00 million for 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, equities research analysts expect that Flagstar Financial, Inc. will post -0.31 earnings per share for the current fiscal year.

Flagstar Financial Dividend Announcement

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

Analyst Ratings Changes

Several research firms have commented on FLG. Stephens reissued an "equal weight" rating and issued a $12.50 target price on shares of Flagstar Financial in a report on Thursday, June 12th. Truist Financial decreased their target price 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. JPMorgan Chase & Co. decreased their target price on shares of Flagstar Financial from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, July 1st. 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 report on Thursday, May 15th. Finally, DA Davidson reaffirmed a "buy" rating and set a $14.50 price target on shares of Flagstar Financial in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Flagstar Financial currently has an average rating of "Hold" and an average target price of $13.22.

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.