Flushing Financial Corp. (FFIC) Rating Lowered to Hold at Zacks Investment Research
Flushing Financial Corp. (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “FLUSHING FINANCIAL CORP. is a unitary savings and loan holding company, which, under existing laws, is generally not restricted as to types of business activities in which it may engage, provided that the subsidiary, continues to be a qualified thrift lender. Under the regulations of the Office of Thrift Supervision, the subsidiary is a qualified thrift lender if its ratio of qualified thrift investments to portfolio assets is 65% or more, on a monthly average basis in nine of every 12 months. “
A number of other research analysts have also weighed in on FFIC. Gabelli assumed coverage on shares of Flushing Financial Corp. in a research note on Wednesday, June 29th. They issued a “buy” rating and a $27.00 price objective for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Flushing Financial Corp. from $21.00 to $22.00 and gave the company a “market perform” rating in a research note on Monday, August 1st. Finally, Sandler O’Neill lowered shares of Flushing Financial Corp. from a “buy” rating to a “hold” rating and lifted their price objective for the company from $23.00 to $24.00 in a research note on Wednesday, August 31st.
Flushing Financial Corp. (NASDAQ:FFIC) opened at 23.37 on Tuesday. The company has a market capitalization of $678.22 million, a PE ratio of 10.81 and a beta of 0.92. The stock has a 50 day moving average price of $22.88 and a 200-day moving average price of $21.32. Flushing Financial Corp. has a 52 week low of $18.95 and a 52 week high of $23.78.
Flushing Financial Corp. (NASDAQ:FFIC) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $79.61 million for the quarter, compared to analysts’ expectations of $43.87 million. Flushing Financial Corp. had a net margin of 24.28% and a return on equity of 9.21%. Flushing Financial Corp.’s revenue was up 65.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. On average, equities analysts predict that Flushing Financial Corp. will post $1.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.91%. Flushing Financial Corp.’s dividend payout ratio (DPR) is currently 31.48%.
In other news, CEO John R. Buran sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $23.09, for a total transaction of $184,720.00. Following the completion of the transaction, the chief executive officer now directly owns 109,764 shares in the company, valued at approximately $2,534,450.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Caterina Depasquale sold 1,200 shares of the business’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $22.87, for a total transaction of $27,444.00. Following the transaction, the senior vice president now owns 16,599 shares of the company’s stock, valued at $379,619.13. The disclosure for this sale can be found here. Insiders own 5.85% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FFIC. Legal & General Group Plc raised its position in Flushing Financial Corp. by 40.8% in the second quarter. Legal & General Group Plc now owns 5,868 shares of the company’s stock worth $115,000 after buying an additional 1,700 shares during the period. BlackRock Inc. raised its position in Flushing Financial Corp. by 197.5% in the second quarter. BlackRock Inc. now owns 7,789 shares of the company’s stock worth $155,000 after buying an additional 5,171 shares during the period. BlackRock Advisors LLC raised its position in Flushing Financial Corp. by 3.1% in the second quarter. BlackRock Advisors LLC now owns 14,047 shares of the company’s stock worth $279,000 after buying an additional 428 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Flushing Financial Corp. during the second quarter worth approximately $323,000. Finally, Context BH Capital Management LP purchased a new position in Flushing Financial Corp. during the second quarter worth approximately $324,000. Hedge funds and other institutional investors own 76.88% of the company’s stock.
Flushing Financial Corp. Company Profile
Flushing Financial Corporation is the bank holding company for Flushing Bank (the Bank). The Company is a community-oriented financial institution offering a range of financial services. The Bank owns three subsidiaries: Flushing Preferred Funding Corporation (FPFC), Flushing Service Corporation, and FSB Properties Inc (Properties).
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