BUZZ - Flagstar Bank shares decline as interest rate pressure impacts 2027 performance outlook

October 23 - ** Regional lender Flagstar Bank (FLG.N) shares fell 3.9% to $11 in premarket trading

** FLG lowered its 2027 performance outlook (link), citing the high interest rate environment and its impact on credit costs

** The New York-based bank said its 2027 financial goal has now been pushed back to 2028, adding that intense competition for deposits also affected pricing and growth expectations

** CEO Joseph Otting noted that rent control policies continue to impact the bank's New York City multifamily portfolio, putting pressure on credit costs in the third quarter

** Out of 18 brokerages, 12 rate the stock as "buy" or higher, and 6 rate it "hold"; the median target price is $16 — data compiled by LSEG

** As of the previous trading day close, FLG shares were down 9% year-to-date

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