TD Cowen Issues Pessimistic Forecast for Flagstar Bank, National Association (NYSE:FLG) Stock Price

Key Points

• TD Cowen lowered Flagstar’s price target from $18 to $17 while maintaining a “Buy” rating, implying 22.88% upside from the stock’s $13.84 price. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $16.79 average target.
• Flagstar’s latest quarterly results fell short of expectations, with earnings of $0.05 per share versus $0.06 expected and revenue of $512 million versus $540.87 million forecast.
• The company authorized a $250 million share-repurchase program, allowing it to buy back up to 4.1% of outstanding shares; institutional investors currently own 67.88% of FLG.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) had its target price cut by research analysts at TD Cowen from $18.00 to $17.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. TD Cowen's target price would indicate a potential upside of 22.88% from the stock's current price.

Several other research firms have also recently weighed in on FLG. UBS Group assumed coverage on shares of Flagstar Bank, National Association in a research report on Tuesday, July 7th. They set a "buy" rating and a $18.00 price objective for the company. DA Davidson reaffirmed a "buy" rating and set a $17.00 price target on shares of Flagstar Bank, National Association in a research report on Monday. Piper Sandler increased their price target on Flagstar Bank, National Association from $16.50 to $17.50 and gave the stock an "overweight" rating in a report on Friday, June 26th. JPMorgan Chase & Co. boosted their price objective on Flagstar Bank, National Association from $15.50 to $17.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Finally, Cantor Fitzgerald upped their target price on Flagstar Bank, National Association from $16.00 to $17.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.79.

Flagstar Bank, National Association Trading Down 0.1%

Shares of FLG traded down $0.01 during mid-day trading on Monday, reaching $13.84. 2,330,423 shares of the company were exchanged, compared to its average volume of 5,021,703. The business has a 50 day simple moving average of $14.51 and a two-hundred day simple moving average of $13.81. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $5.77 billion, a PE ratio of 460.83 and a beta of 1.01. Flagstar Bank, National Association has a 52 week low of $10.57 and a 52 week high of $15.44.

Flagstar Bank, National Association (NYSE:FLG - Get Free Report) last announced its earnings results on Friday, July 24th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The company had revenue of $512.00 million during the quarter, compared to the consensus estimate of $540.87 million. Flagstar Bank, National Association had a net margin of 1.08% and a return on equity of 0.98%. The business's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. On average, analysts predict that Flagstar Bank, National Association will post 0.43 earnings per share for the current fiscal year.

Flagstar Bank, National Association declared that its board has authorized a share repurchase program on Friday, July 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Flagstar Bank, National Association

A number of hedge funds have recently added to or reduced their stakes in FLG. DV Equities LLC bought a new stake in shares of Flagstar Bank, National Association during the fourth quarter valued at approximately $25,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Flagstar Bank, National Association in the 4th quarter valued at $34,000. Litman Gregory Wealth Management LLC bought a new stake in Flagstar Bank, National Association during the 4th quarter valued at $34,000. Advisory Services Network LLC acquired a new position in Flagstar Bank, National Association during the third quarter worth $35,000. Finally, Clayton Financial Group LLC bought a new position in shares of Flagstar Bank, National Association in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 67.88% of the company's stock.

About Flagstar Bank, National Association

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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