Gabelli Downgrades Flushing Financial Corp. (FFIC) to Hold
Flushing Financial Corp. (NASDAQ:FFIC) was downgraded by equities research analysts at Gabelli from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research upgraded Flushing Financial Corp. from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, October 27th. Keefe, Bruyette & Woods upped their target price on Flushing Financial Corp. from $21.00 to $22.00 and gave the company a “market perform” rating in a report on Monday, August 1st. Finally, Sandler O’Neill cut Flushing Financial Corp. from a “buy” rating to a “hold” rating and boosted their price target for the company from $23.00 to $24.00 in a research note on Wednesday, August 31st.
Flushing Financial Corp. (NASDAQ:FFIC) opened at 25.71 on Friday. The stock has a 50 day moving average of $22.97 and a 200 day moving average of $21.75. Flushing Financial Corp. has a one year low of $18.95 and a one year high of $26.51. The firm has a market cap of $742.02 million, a PE ratio of 11.96 and a beta of 0.92.
Flushing Financial Corp. (NASDAQ:FFIC) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. Flushing Financial Corp. had a net margin of 23.79% and a return on equity of 8.96%. During the same period in the prior year, the company earned $0.40 earnings per share. On average, equities analysts forecast that Flushing Financial Corp. will post $1.50 earnings per share for the current year.
In other news, Director John E. Sr Roe, Sr. sold 10,000 shares of the company’s stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $21.61, for a total transaction of $216,100.00. Following the completion of the sale, the director now directly owns 65,634 shares in the company, valued at approximately $1,418,350.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John R. Buran sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $23.09, for a total value of $184,720.00. Following the transaction, the chief executive officer now directly owns 109,764 shares of the company’s stock, valued at approximately $2,534,450.76. The disclosure for this sale can be found here. Insiders own 5.85% of the company’s stock.
Several institutional investors have recently bought and sold shares of FFIC. Wellington Management Group LLP boosted its position in Flushing Financial Corp. by 1.4% in the first quarter. Wellington Management Group LLP now owns 2,725,898 shares of the company’s stock worth $58,933,000 after buying an additional 38,723 shares during the period. Kleinwort Benson Investors Dublin Ltd purchased a new position in shares of Flushing Financial Corp. during the second quarter worth about $1,116,000. First Trust Advisors LP boosted its position in shares of Flushing Financial Corp. by 0.4% in the second quarter. First Trust Advisors LP now owns 42,707 shares of the company’s stock worth $849,000 after buying an additional 157 shares during the last quarter. Boston Partners boosted its position in shares of Flushing Financial Corp. by 4.1% in the second quarter. Boston Partners now owns 233,893 shares of the company’s stock worth $4,650,000 after buying an additional 9,175 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Flushing Financial Corp. during the second quarter worth about $473,000. 76.99% of the stock is owned by institutional investors.
About Flushing Financial Corp.
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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