Flagstar Bank, National Association (NYSE:FLG) Raised to Buy at TD Cowen

Flagstar Bank, National Association (NYSE:FLG) was upgraded by equities research analysts at TD Cowen from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $18.00 price target on the stock. TD Cowen’s target price points to a potential upside of 23.41% from the company’s previous close.

A number of other research firms also recently weighed in on FLG. JPMorgan Chase & Co. increased their price target 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. Morgan Stanley boosted their target price on Flagstar Bank, National Association from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Flagstar Bank, National Association in a research report on Tuesday, April 21st. Piper Sandler lifted their price objective on Flagstar Bank, National Association from $16.50 to $17.50 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Wall Street Zen lowered Flagstar Bank, National Association from a “hold” rating to a “sell” rating in a research report on Saturday. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.25.

Flagstar Bank, National Association Stock Down 0.0%

Shares of NYSE FLG opened at $14.59 on Monday. Flagstar Bank, National Association has a 12-month low of $10.57 and a 12-month high of $15.36. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.47. The firm’s 50-day simple moving average is $14.26 and its 200 day simple moving average is $13.60. The company has a market cap of $6.08 billion, a price-to-earnings ratio of -66.30 and a beta of 1.01.

Flagstar Bank, National Association (NYSE:FLG) last issued its quarterly earnings results on Friday, April 24th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $507.00 million during the quarter, compared to analyst estimates 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%. Flagstar Bank, National Association’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.26) earnings per share. On average, research analysts expect that Flagstar Bank, National Association will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FLG. Geode Capital Management LLC lifted its position in Flagstar Bank, National Association by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,487,034 shares of the company’s stock worth $94,277,000 after buying an additional 467,053 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Flagstar Bank, National Association by 9.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,731,631 shares of the company’s stock valued at $88,645,000 after acquiring an additional 569,003 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Flagstar Bank, National Association by 1,130.1% in 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 in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Flagstar Bank, National Association by 60.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,626,146 shares of the company’s stock valued at $58,243,000 after acquiring an additional 1,750,889 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Flagstar Bank, National Association in the fourth quarter valued at about $53,216,000. Institutional investors 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.