Flagstar Bank slips as rate pressure hits 2027 forecast
Yesterday 11:55
BUZZ-Flagstar Bank slips as rate pressure hits 2027 forecast ** Regional lender Flagstar Bank's FLG.N shares fall 3.9% to $11 premarket
** FLG cuts 2027 forecasts, citing higher interest rate environment and its impact on credit costs
** New York-based bank says 2027 financial goals have now shifted to 2028, adding that competitive deposit environment was also impacting pricing and growth expectations
** CEO Joseph Otting called out continuing impact of rent regulation policies on its New York City multi-family portfolio, which pressured credit costs in Q3
** 12 of 18 brokerages rate the stock "buy" or higher and 6 "hold"; median PT $16 - data compiled by LSEG
** As of last close, FLG stock down 9% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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Flagstar Bank slips as rate pressure hits 2027 forecast