Cantor Fitzgerald Cuts Price Target on Flagstar Bancorp (FBC), Very Weak Quarter
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Price: $13.41 -5.36%
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade FBC Now!
Cantor Fitzgerald is maintaining its Hold rating on shares of Flagstar Bancorp (NYSE: FBC), but is cutting its price target from $1.75 to $1.10 following disappointing Q2 results.
The company reported a net loss of $0.14 when the Street was only forecasting a loss of $0.04. The firm notes that the quarter reflects relatively low mortgage
originations and recognition of lower housing prices.
FBC announced that it will be selling its Georgia operations to PNC Bank (NYSE: PNC), which is expected to close in the fourth quarter. The firm believes that this was a "smart move" as it was unprofitable for the company and it will allow them to put more focus on fewer areas.
The firm is cutting its FY11 and FY12 EPS estimates from ($0.13) and $0.14 to ($0.25) and $0.10.
For more ratings news on Flagstar Bancorp click here and for the rating history of Flagstar Bancorp click here.
Shares of Flagstar Bancorp closed at $0.98 yesterday, with a 52 week range of $0.88-$3.49.
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The company reported a net loss of $0.14 when the Street was only forecasting a loss of $0.04. The firm notes that the quarter reflects relatively low mortgage
originations and recognition of lower housing prices.
FBC announced that it will be selling its Georgia operations to PNC Bank (NYSE: PNC), which is expected to close in the fourth quarter. The firm believes that this was a "smart move" as it was unprofitable for the company and it will allow them to put more focus on fewer areas.
The firm is cutting its FY11 and FY12 EPS estimates from ($0.13) and $0.14 to ($0.25) and $0.10.
For more ratings news on Flagstar Bancorp click here and for the rating history of Flagstar Bancorp click here.
Shares of Flagstar Bancorp closed at $0.98 yesterday, with a 52 week range of $0.88-$3.49.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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