PNC Financial Services Group Inc. Makes New $288,000 Investment in Flagstar Financial, Inc. (NYSE:FLG)

PNC Financial Services Group Inc. purchased a new position in shares of Flagstar Financial, Inc. (NYSE:FLG) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,799 shares of the company’s stock, valued at approximately $288,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of FLG. Private Management Group Inc. purchased a new stake in Flagstar Financial during the first quarter worth about $35,669,000. Federated Hermes Inc. purchased a new stake in Flagstar Financial during the first quarter worth about $11,449,000. US Bancorp DE purchased a new stake in Flagstar Financial during the first quarter worth about $2,572,000. LPL Financial LLC purchased a new stake in Flagstar Financial during the first quarter worth about $2,423,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Flagstar Financial during the first quarter worth about $2,103,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Flagstar Financial Stock Performance

Shares of FLG opened at $11.96 on Friday. The stock has a 50 day moving average price of $11.41 and a 200 day moving average price of $11.62. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -7.25 and a beta of 1.11. Flagstar Financial, Inc. has a 52-week low of $8.56 and a 52-week high of $13.35.

Flagstar Financial (NYSE:FLG) last announced its quarterly earnings results on Friday, July 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The business had revenue of $496.00 million during the quarter, compared to analyst estimates of $524.33 million. Flagstar Financial had a negative net margin of 10.83% and a negative return on equity of 6.60%. The firm’s revenue for the quarter was down 26.1% compared to the same quarter last year. Research analysts predict that Flagstar Financial, Inc. will post -0.31 EPS for the current fiscal year.

Flagstar Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Sunday, September 7th will be paid a $0.01 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.04 dividend on an annualized basis and a yield of 0.3%. Flagstar Financial’s payout ratio is currently -2.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Flagstar Financial in a research report on Wednesday, May 21st. They set a “buy” rating and a $15.00 price objective for the company. Citigroup boosted their price objective on Flagstar Financial from $15.00 to $15.50 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Wall Street Zen downgraded Flagstar Financial from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. lowered their price objective on Flagstar Financial from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, July 1st. Finally, DA Davidson reissued a “buy” rating and set a $14.50 price objective on shares of Flagstar Financial in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Flagstar Financial has an average rating of “Hold” and a consensus target price of $13.22.

Flagstar Financial Company Profile

Flagstar Financial, Inc operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company’s deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit.