Flagstar Financial Inc. (NYSE:FLG) on Friday posted mixed results for the third quarter.
Flagstar’s adjusted profit came to 1 cent per share, below the 8 cents analysts predicted. Revenue went the other way, reaching $530 million against a $487.8 million forecast.
Executive Chairman and Chief Executive Officer, Joseph M. Otting stated, “Our third quarter results reflect the fact that the Bank’s core underlying fundamentals continued to improve despite the emergence of several headwinds, including a higher interest rate environment, deposit competition, persistent inflation, as well as the continuing impact of rent regulation policies on our New York City multi-family portfolio, which pressured our credit costs. We believe we are on track toward achieving our long-term strategic objectives, however given the higher for longer interest rate environment, the full realization of these objectives has shifted to 2028 from 2027.”
Flagstar Financial shares fell 1.2% to trade at $10.26 on Monday.
These analysts made changes to their price targets on Flagstar Financial following earnings announcement.
- Barclays analyst Jared Shaw maintained the stock with an Overweight rating and lowered the price target from $15 to $14.
- Truist Securities analyst David Smith maintained the stock with a Buy and lowered the price target from $15 to $13.
- TD Cowen analyst Janet Lee maintained the stock with a Buy and cut the price target from $16 to $13.
- JP Morgan analyst Anthony Elian maintained the stock with a Neutral and slashed the price target from $14 to $11.5.
- RBC Capital analyst Jon G. Arfstrom maintained the stock with a Sector Perform and lowered the price target from $13 to $12.
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