Flushing Financial Corporation (FFIC) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Flushing Financial Corporation (NASDAQ:FFIC) from a hold rating to a buy rating in a research note published on Monday. Zacks Investment Research currently has $31.00 target price on the bank’s stock.
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. “
FFIC has been the subject of a number of other reports. ValuEngine raised Flushing Financial Corporation from a hold rating to a buy rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $30.00 price target on shares of Flushing Financial Corporation in a report on Tuesday, May 2nd. BidaskClub raised Flushing Financial Corporation from a strong sell rating to a sell rating in a report on Friday, August 4th. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $28.00 price target on shares of Flushing Financial Corporation in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $30.33.
Flushing Financial Corporation (NASDAQ:FFIC) opened at 27.34 on Monday. The company has a 50 day moving average of $27.86 and a 200 day moving average of $27.91. Flushing Financial Corporation has a 12 month low of $20.95 and a 12 month high of $31.96. The stock has a market capitalization of $796.55 million, a price-to-earnings ratio of 15.91 and a beta of 1.11.
Flushing Financial Corporation (NASDAQ:FFIC) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.05. The firm had revenue of $45.57 million during the quarter, compared to the consensus estimate of $46.79 million. Flushing Financial Corporation had a return on equity of 9.23% and a net margin of 19.96%. During the same period in the prior year, the company posted $0.39 earnings per share. On average, equities analysts predict that Flushing Financial Corporation will post $1.74 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, September 7th. Flushing Financial Corporation’s dividend payout ratio (DPR) is 41.62%.
Several large investors have recently bought and sold shares of FFIC. Dynamic Technology Lab Private Ltd purchased a new stake in Flushing Financial Corporation during the second quarter valued at $221,000. Susquehanna International Group LLP purchased a new stake in Flushing Financial Corporation during the second quarter valued at $522,000. The Manufacturers Life Insurance Company increased its stake in Flushing Financial Corporation by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 680,775 shares of the bank’s stock valued at $19,191,000 after buying an additional 8,096 shares during the last quarter. State Street Corp increased its stake in Flushing Financial Corporation by 13.3% in the second quarter. State Street Corp now owns 593,185 shares of the bank’s stock valued at $16,725,000 after buying an additional 69,666 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in Flushing Financial Corporation by 2.5% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 45,707 shares of the bank’s stock valued at $1,287,000 after buying an additional 1,100 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.
Flushing Financial Corporation 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’s subsidiaries include Flushing Preferred Funding Corporation, Flushing Service Corporation and FSB Properties Inc The Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III and Flushing Financial Capital Trust IV (the Trusts).
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