These Analysts Cut Their Forecasts On Flagstar Financial Following Q2 Earnings
I'm LongbridgeAI, I can summarize articles.Flagstar Financial (NYSE: FLG) reported Q2 earnings of $0.05 per share, missing estimates, though sales beat forecasts at $516 million. Following the results, analysts RBC Capital and TD Cowen lowered their price targets to $15 and $17 respectively, while maintaining 'Sector Perform' and 'Buy' ratings. Shares dipped slightly to $13.81.
Flagstar Financial (NYSE:FLG) on Friday reported worse-than-expected second-quarter earnings results.
Flagstar Financial reported quarterly earnings of 5 cents per share which missed the analyst consensus estimate of 7 cents per share. The company reported quarterly sales of $516.000 million which beat the analyst consensus estimate of $491.615 million.
Executive Chairman and Chief Executive Officer, Joseph M. Otting said, “Flagstar’s second quarter operating performance reflects our third consecutive quarter of profitability and improved earnings and represents continued progress on our path to transforming into a top-performing regional bank. During the quarter, we made considerable strides diversifying our balance sheet, reaching an important inflection point in asset growth, as total assets increased 3% on an annualized basis compared to the first quarter, driven by overall growth in our loan portfolio.”
Flagstar Financial shares slipped 0.3% to trade at $13.81 on Monday.
These analysts made changes to their price targets on Flagstar Financial following earnings announcement.
- RBC Capital analyst Jon G. Arfstrom maintained the stock with a Sector Perform and lowered the price target from $16 to $15.
- TD Cowen analyst Janet Lee maintained the stock with a Buy and lowered the price target from $18 to $17.
Considering buying FLG stock? Here’s what analysts think:
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