Engineers Gate Manager LP Makes New Investment in Flagstar Bank, National Association $FLG

by · The Cerbat Gem

Engineers Gate Manager LP bought a new position in shares of Flagstar Bank, National Association (NYSE:FLG – Free Report) during the 2nd quarter, HoldingsChannel reports. The fund bought 567,637 shares of the company’s stock, valued at approximately $8,480,000.

A number of other large investors have also made changes to their positions in the stock. Alliancebernstein L.P. lifted its position in 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 worth $70,341,000 after buying an additional 6,096,512 shares in the last quarter. California State Teachers Retirement System grew its holdings in Flagstar Bank, National Association by 1,338.7% in the 2nd quarter. California State Teachers Retirement System now owns 5,358,694 shares of the company’s stock valued at $80,059,000 after buying an additional 4,986,233 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Flagstar Bank, National Association in the 4th quarter valued at $53,216,000. Norges Bank acquired a new stake in shares of Flagstar Bank, National Association in the 4th quarter worth $44,046,000. Finally, North Reef Capital Management LP purchased a new position in shares of Flagstar Bank, National Association during the 1st quarter worth $36,744,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Flagstar Bank, National Association Stock Down 0.0%

Shares of NYSE:FLG opened at $13.26 on Friday. The business has a 50-day moving average price of $14.10 and a 200 day moving average price of $13.90. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 441.83 and a beta of 0.99. Flagstar Bank, National Association has a 12-month low of $10.57 and a 12-month high of $15.44.

Flagstar Bank, National Association (NYSE:FLG – Get Free Report) last posted its earnings results on Friday, July 24th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company 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 company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.14) EPS. Sell-side analysts expect that Flagstar Bank, National Association will post 0.34 EPS for the current year.

Flagstar Bank, National Association declared that its board has authorized a share buyback program on Friday, July 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Flagstar Bank, National Association Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Monday, September 7th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, September 4th. Flagstar Bank, National Association’s payout ratio is 133.33%.

Analysts Set New Price Targets

FLG has been the topic of several recent research reports. TD Cowen lowered their price target on shares of Flagstar Bank, National Association from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, July 27th. Weiss Ratings raised shares of Flagstar Bank, National Association from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, September 4th. Morgan Stanley upgraded shares of Flagstar Bank, National Association from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $15.00 to $17.00 in a report on Tuesday. Piper Sandler increased their price target on shares of Flagstar Bank, National Association from $16.50 to $17.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Flagstar Bank, National Association from a “sell” rating to a “hold” rating in a report on Sunday, September 6th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Check Out Our Latest Stock Analysis on FLG

Flagstar Bank, National Association Profile

(Free Report)

Flagstar Bank, National Association is a full-service commercial bank that provides deposit, lending and other financial services to consumers, businesses and commercial real estate clients. Its offerings include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, consumer lending, commercial real estate financing and business banking services.

The bank also has a significant mortgage business, including home-loan origination, servicing and related products.

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