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Michigan-Based Bank Marches Toward High.(B)(NYSE STOCKS IN THE NEWS)

Investor's Business Daily

| October 01, 2003 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Craig Shaw

Flagstar Bancorp jumped 3.6% Tuesday for its second straight high-volume gain. The stock is shaping a three-month base after doubling from its February breakout. It closed 13% off its 52-week high.

The Michigan-based banker earlier this month boosted its third-quarter and full-year profit forecasts by 35 cents a share following an August sale of $4.6 billion of mortgage servicing rights. It reported August loan production of $5.5 billion vs. $3.6 billion a year earlier. The bank also raised its quarterly dividend by 50% to 15 cents a share.

Flagstar earns the top Fundamental Rank in its 182-stock Finance-Savings & ...

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