UPDATE: Wedbush Starts Flagstar Bancorp (FBC) at Neutral
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(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."
Shares of Flagstar Bancorp closed at $27.85 yesterday.
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