UPDATE: Wedbush Starts Flagstar Bancorp (FBC) at Neutral

(Updated - October 11, 2016 7:39 AM EDT)

Wedbush initiated coverage on Flagstar Bancorp (NYSE: FBC) with a Neutral rating and a price target of $30.00.

Analyst Henry Coffey Jr. commented, "We are initiating coverage of Flagstar Bancorp, Inc. (FBC) with a NEUTRAL rating and a $30 price target. FBC is a Troy, Michigan-based thrift with $13.7 billion in assets and a long historical focus on mortgage origination, mortgage servicing, and real estate lending. Our price target and rating reflect the expectations that the combined foot print of this company – community bank and real estate finance/servicing company – will support continued growth in all three primary areas (mortgage origination, servicing, and commercial lending). The company is moving from what has been a period of “reserve release” related to the sale of residential mortgages held for sale, to a more normal profile of reserve build. The gains in EPS tied to its recent paydown of TARP preferred should offset some of this cost."

For an analyst ratings summary and ratings history on Flagstar Bancorp click here. For more ratings news on Flagstar Bancorp click here.

Shares of Flagstar Bancorp closed at $27.85 yesterday.

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