67,658 Shares in Flagstar Bank, National Association $FLG Purchased by SummitTX Capital L.P.

SummitTX Capital L.P. acquired a new stake in shares of Flagstar Bank, National Association (NYSE:FLG) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 67,658 shares of the company’s stock, valued at approximately $891,000.

A number of other hedge funds also recently bought and sold shares of FLG. North Reef Capital Management LP acquired a new stake in shares of Flagstar Bank, National Association in the first quarter valued at approximately $36,744,000. Cannell & Spears LLC purchased a new position in shares of Flagstar Bank, National Association during the 1st quarter worth $1,788,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Flagstar Bank, National Association by 106.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 611,191 shares of the company’s stock worth $8,049,000 after acquiring an additional 315,691 shares during the period. Caxton Associates LLP boosted its position in shares of Flagstar Bank, National Association by 83.8% during the 1st quarter. Caxton Associates LLP now owns 25,414 shares of the company’s stock valued at $335,000 after acquiring an additional 11,588 shares during the last quarter. Finally, State of Wyoming boosted its position in shares of Flagstar Bank, National Association by 21,075.6% during the 1st quarter. State of Wyoming now owns 27,740 shares of the company’s stock valued at $365,000 after acquiring an additional 27,609 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Flagstar Bank, National Association Stock Performance

Shares of FLG stock opened at $14.26 on Friday. The firm has a 50 day moving average of $14.56 and a two-hundred day moving average of $13.84. The stock has a market capitalization of $5.94 billion, a PE ratio of 475.20 and a beta of 1.01. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.43. 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) last posted its quarterly earnings data 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 $539.34 million. Flagstar Bank, National Association had a return on equity of 0.98% and a net margin of 1.08%.The firm’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) EPS. On average, research analysts predict that Flagstar Bank, National Association will post 0.36 EPS for the current fiscal year.

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

Flagstar Bank, National Association Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of Flagstar Bank, National Association from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Piper Sandler lifted 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 report on Friday, June 26th. Cantor Fitzgerald raised their target price on Flagstar Bank, National Association from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Flagstar Bank, National Association in a research report on Friday, July 17th. Finally, 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 research report on Thursday, June 25th. Nine investment 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’s stock. Based on data from MarketBeat, Flagstar Bank, National Association presently has a consensus rating of “Moderate Buy” and an average target price of $16.79.

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.