Flushing Financial (NASDAQ:FFIC) Announces Earnings Results

Flushing Financial (NASDAQ:FFIC) issued its earnings results on Tuesday. The bank reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01), Yahoo Finance reports. Flushing Financial had a net margin of 7.37% and a return on equity of 4.11%. The firm had revenue of $112.58 million during the quarter, compared to the consensus estimate of $47.12 million. During the same quarter in the previous year, the firm earned $0.10 earnings per share.

Flushing Financial Price Performance

NASDAQ FFIC traded down $0.45 during trading hours on Wednesday, reaching $11.82. 32,363 shares of the stock traded hands, compared to its average volume of 191,300. The stock has a 50 day simple moving average of $12.32 and a two-hundred day simple moving average of $13.83. Flushing Financial has a 1 year low of $9.28 and a 1 year high of $18.00. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $343.61 million, a price-to-earnings ratio of 11.43 and a beta of 0.73.

Flushing Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Monday, March 11th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.45%. The ex-dividend date was Friday, March 8th. Flushing Financial’s dividend payout ratio is currently 83.81%.

Insider Activity

In related news, EVP Francis W. Korzekwinski sold 7,649 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $12.61, for a total value of $96,453.89. Following the completion of the sale, the executive vice president now owns 73,493 shares in the company, valued at approximately $926,746.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Flushing Financial news, EVP Francis W. Korzekwinski sold 7,649 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $12.61, for a total transaction of $96,453.89. Following the completion of the sale, the executive vice president now directly owns 73,493 shares in the company, valued at $926,746.73. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Thomas Buonaiuto sold 19,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $13.21, for a total value of $250,990.00. Following the completion of the sale, the executive vice president now directly owns 32,391 shares of the company’s stock, valued at approximately $427,885.11. The disclosure for this sale can be found here. Corporate insiders own 5.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FFIC. Raymond James increased their target price on shares of Flushing Financial from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. DA Davidson cut their price objective on shares of Flushing Financial from $17.00 to $13.50 and set a “neutral” rating for the company in a report on Tuesday, March 5th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Flushing Financial from $15.50 to $14.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.50.

About Flushing Financial

Flushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.