Flushing Financial Corporation (FFIC) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Flushing Financial Corporation (NASDAQ:FFIC) from a buy rating to a hold rating in a report released on Friday.
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 brokerages have also recently issued reports on FFIC. Piper Jaffray Companies reiterated a hold rating and issued a $30.00 price objective on shares of Flushing Financial Corporation in a report on Thursday, August 3rd. BidaskClub upgraded shares of Flushing Financial Corporation from a strong sell rating to a sell rating in a report on Friday, August 4th. ValuEngine upgraded shares of Flushing Financial Corporation from a hold rating to a buy rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reiterated a hold rating and issued a $30.00 price objective on shares of Flushing Financial Corporation in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $30.33.
Flushing Financial Corporation (FFIC) opened at 27.34 on Friday. Flushing Financial Corporation has a 52 week low of $20.95 and a 52 week high of $31.96. The firm’s 50 day moving average price is $27.52 and its 200-day moving average price is $27.79. The firm has a market cap of $796.55 million, a PE ratio of 15.91 and a beta of 1.10.
Flushing Financial Corporation (NASDAQ:FFIC) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.05. The firm had revenue of $45.57 million during the quarter, compared to analysts’ expectations of $46.79 million. Flushing Financial Corporation had a net margin of 19.96% and a return on equity of 9.23%. During the same period in the prior year, the company posted $0.39 earnings per share. On average, analysts forecast that Flushing Financial Corporation will post $1.74 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Thursday, September 7th. Flushing Financial Corporation’s dividend payout ratio (DPR) is 41.62%.
Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its holdings in Flushing Financial Corporation by 277.4% during the second quarter. BNP Paribas Arbitrage SA now owns 4,834 shares of the bank’s stock valued at $136,000 after acquiring an additional 3,553 shares during the period. SG Americas Securities LLC bought a new stake in Flushing Financial Corporation during the first quarter valued at about $133,000. Bank of Montreal Can boosted its holdings in Flushing Financial Corporation by 60.0% during the first quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock valued at $200,000 after acquiring an additional 2,793 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Flushing Financial Corporation during the second quarter valued at about $221,000. Finally, Oxford Asset Management bought a new stake in Flushing Financial Corporation during the first quarter valued at about $212,000. Institutional investors own 77.31% of the company’s stock.
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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