Flushing Financial Corp. (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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. “
Other analysts also recently issued reports about the stock. Keefe, Bruyette & Woods raised 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 report on Monday, August 1st. Sandler O’Neill downgraded shares of Flushing Financial Corp. from a “buy” rating to a “hold” rating and raised their price objective for the company from $23.00 to $24.00 in a research report on Wednesday, August 31st. Finally, Gabelli assumed coverage on shares of Flushing Financial Corp. in a research report on Wednesday, June 29th. They set a “buy” rating and a $27.00 price objective on the stock.
Shares of Flushing Financial Corp. (NASDAQ:FFIC) opened at 23.37 on Tuesday. The firm has a 50-day moving average of $22.88 and a 200 day moving average of $21.32. Flushing Financial Corp. has a 1-year low of $18.95 and a 1-year high of $23.78. The company has a market capitalization of $678.22 million, a P/E ratio of 10.81 and a beta of 0.92.
Flushing Financial Corp. (NASDAQ:FFIC) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Flushing Financial Corp. had a net margin of 24.28% and a return on equity of 9.21%. The business had revenue of $79.61 million for the quarter, compared to the consensus estimate of $43.87 million. During the same period last year, the firm earned $0.36 earnings per share. The company’s quarterly revenue was up 65.5% on a year-over-year basis. On average, analysts anticipate that Flushing Financial Corp. will post $1.63 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be paid a dividend of $0.17 per share. The ex-dividend date is Wednesday, September 7th. This represents a $0.68 annualized dividend and a yield of 2.91%. Flushing Financial Corp.’s payout ratio is 31.48%.
In related news, CEO John R. Buran sold 8,000 shares of the firm’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 of the company’s stock, valued at $2,534,450.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Sr Roe, Sr. sold 10,000 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $22.35, for a total transaction of $223,500.00. Following the transaction, the director now directly owns 75,634 shares of the company’s stock, valued at $1,690,419.90. The disclosure for this sale can be found here. Corporate insiders own 5.85% of the company’s stock.
A number of 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 valued at $58,933,000 after buying an additional 38,723 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Flushing Financial Corp. by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,093,323 shares of the company’s stock valued at $41,615,000 after buying an additional 96,905 shares during the last quarter. Frontier Capital Management Co. LLC boosted its position in Flushing Financial Corp. by 3.5% in the second quarter. Frontier Capital Management Co. LLC now owns 1,896,462 shares of the company’s stock valued at $37,702,000 after buying an additional 64,550 shares during the last quarter. Macquarie Group Ltd. boosted its position in Flushing Financial Corp. by 27.1% in the second quarter. Macquarie Group Ltd. now owns 783,911 shares of the company’s stock valued at $15,584,000 after buying an additional 167,366 shares during the last quarter. Finally, LSV Asset Management boosted its position in Flushing Financial Corp. by 2.1% in the second quarter. LSV Asset Management now owns 579,118 shares of the company’s stock valued at $11,512,000 after buying an additional 11,700 shares during the last quarter. 76.88% 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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Flushing Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flushing Financial Corp. and related companies with MarketBeat.com's FREE daily email newsletter.