Flagstar Bank, National Association (NYSE:FLG) Stock Price Target Cut by Truist Financial

Flagstar Bank, National Association (NYSE:FLG) had its price objective cut by analysts at Truist Financial from $17.00 to $15.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 33.39% from the company’s previous close.

A number of other research analysts have also commented on the company. TD Cowen lowered their price target on Flagstar Bank, National Association from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday. DA Davidson reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Flagstar Bank, National Association in a report on Monday, July 27th. Cantor Fitzgerald increased their target price on shares of 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. Piper Sandler boosted their price target on shares of Flagstar Bank, National Association from $16.50 to $17.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada reduced their price target on shares of Flagstar Bank, National Association from $16.00 to $15.00 and set a “sector perform” rating for the company in a research note on Monday, July 27th. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.21.

Flagstar Bank, National Association Stock Performance

Shares of NYSE FLG traded down $0.10 during midday trading on Friday, hitting $11.24. 912,086 shares of the company’s stock were exchanged, compared to its average volume of 4,927,798. Flagstar Bank, National Association has a twelve month low of $10.57 and a twelve month high of $15.44. The firm has a market cap of $4.67 billion, a P/E ratio of 375.50 and a beta of 1.05. The stock’s 50 day moving average price is $13.12 and its 200-day moving average price is $13.83. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.90 and a quick ratio of 0.90.

Flagstar Bank, National Association (NYSE:FLG) last posted 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 business had revenue of $512.00 million during the quarter, compared to analyst estimates of $539.34 million. Flagstar Bank, National Association had a net margin of 1.08% and a return on equity of 0.98%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Equities research analysts anticipate that Flagstar Bank, National Association will post 0.28 EPS for the current year.

Flagstar Bank, National Association announced that its Board of Directors has authorized a share buyback plan on Friday, July 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Flagstar Bank, National Association

Several hedge funds have recently made changes to their positions in the business. IFP Advisors Inc raised its holdings in shares of Flagstar Bank, National Association by 114.0% in the 2nd quarter. IFP Advisors Inc now owns 3,013 shares of the company’s stock worth $45,000 after purchasing an additional 1,605 shares in the last quarter. Core Capital Management & Research inc. acquired a new stake in Flagstar Bank, National Association during the second quarter valued at approximately $50,000. Signature Equity Partners LLC bought a new stake in Flagstar Bank, National Association during the first quarter worth approximately $74,000. Nykredit A S bought a new stake in Flagstar Bank, National Association during the second quarter worth approximately $153,000. Finally, HB Wealth Management LLC grew its position in Flagstar Bank, National Association by 16.5% in the first quarter. HB Wealth Management LLC now owns 12,042 shares of the company’s stock worth $159,000 after buying an additional 1,704 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Flagstar Bank, National Association Company Profile

Flagstar Bank, National Association is the principal banking subsidiary of Flagstar Financial, Inc (NYSE: FLG). The bank provides a range of financial services to consumers, businesses and institutional clients, including deposit accounts, residential and commercial lending, consumer loans, credit products and treasury management services.

Flagstar also has a significant mortgage banking business, offering home purchase and refinancing loans through retail, broker and correspondent channels.