DA Davidson Reiterates “Buy” Rating for Flagstar Bank, National Association (NYSE:FLG)

Flagstar Bank, National Association (NYSE:FLG)‘s stock had its “buy” rating reaffirmed by analysts at DA Davidson in a report released on Monday,Benzinga reports. They presently have a $17.00 price objective on the stock. DA Davidson’s target price would suggest a potential upside of 22.88% from the company’s previous close.

FLG has been the topic of several other reports. JPMorgan Chase & Co. increased their target price on Flagstar Bank, National Association from $15.50 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Piper Sandler boosted their price target on Flagstar Bank, National Association from $16.50 to $17.50 and gave the company an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Flagstar Bank, National Association in a research note on Friday, July 17th. Citigroup raised their price objective on Flagstar Bank, National Association from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Finally, Cantor Fitzgerald boosted their target price on Flagstar Bank, National Association from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.79.

Flagstar Bank, National Association Trading Down 0.1%

Flagstar Bank, National Association stock traded down $0.01 during trading on Monday, reaching $13.84. The company had a trading volume of 2,330,423 shares, compared to its average volume of 5,021,703. Flagstar Bank, National Association has a 12-month low of $10.57 and a 12-month high of $15.44. 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’s 50 day moving average price is $14.51 and its two-hundred day moving average price is $13.81. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 460.83 and a beta of 1.01.

Flagstar Bank, National Association (NYSE:FLG) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $512.00 million for the quarter, compared to analysts’ expectations of $540.87 million. Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%.The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.14) EPS. As a group, equities analysts expect that Flagstar Bank, National Association will post 0.43 earnings per share for the current fiscal year.

Flagstar Bank, National Association announced that its board has initiated a share repurchase plan on Friday, July 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Flagstar Bank, National Association

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. raised its stake in shares of Flagstar Bank, National Association by 1,130.1% during the second quarter. Alliancebernstein L.P. now owns 6,635,962 shares of the company’s stock valued at $70,341,000 after purchasing an additional 6,096,512 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Flagstar Bank, National Association in the fourth quarter valued at $53,216,000. Norges Bank acquired a new stake in Flagstar Bank, National Association during the 4th quarter valued at $44,046,000. North Reef Capital Management LP purchased a new stake in Flagstar Bank, National Association during the 1st quarter worth $36,744,000. Finally, SG Americas Securities LLC increased its stake in Flagstar Bank, National Association by 14,586.4% during the 1st quarter. SG Americas Securities LLC now owns 2,098,389 shares of the company’s stock worth $27,636,000 after buying an additional 2,084,101 shares during the period. 67.88% of the stock is owned by institutional investors and hedge funds.

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.