BidaskClub upgraded shares of Flushing Financial (NASDAQ:FFIC) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
A number of other equities research analysts also recently issued reports on the company. Sandler O’Neill raised Flushing Financial from a hold rating to a buy rating and set a $31.00 price target on the stock in a research report on Thursday, February 15th. Zacks Investment Research downgraded Flushing Financial from a hold rating to a sell rating in a research report on Wednesday, January 31st. Finally, ValuEngine raised Flushing Financial from a hold rating to a buy rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Flushing Financial presently has an average rating of Hold and an average price target of $30.25.
Flushing Financial (NASDAQ FFIC) opened at $28.32 on Tuesday. Flushing Financial has a 12-month low of $24.27 and a 12-month high of $31.69. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market capitalization of $810.94, a P/E ratio of 12.59, a PEG ratio of 1.44 and a beta of 1.06.
Flushing Financial (NASDAQ:FFIC) last issued its quarterly earnings results on Tuesday, January 30th. The bank reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.09). The company had revenue of $46.12 million for the quarter. Flushing Financial had a return on equity of 8.59% and a net margin of 16.79%. sell-side analysts expect that Flushing Financial will post 1.99 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.82%. This is an increase from Flushing Financial’s previous quarterly dividend of $0.18. Flushing Financial’s dividend payout ratio is currently 35.56%.
Flushing Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, February 27th that authorizes the company to buyback 1,000,000 outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Donna M. Obrien sold 6,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $27.73, for a total transaction of $166,380.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 4.86% of the company’s stock.
Several hedge funds have recently modified their holdings of FFIC. State Street Corp boosted its holdings in shares of Flushing Financial by 13.3% in the 2nd quarter. State Street Corp now owns 593,185 shares of the bank’s stock valued at $16,725,000 after purchasing an additional 69,666 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Flushing Financial by 12.4% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 30,419 shares of the bank’s stock valued at $904,000 after purchasing an additional 3,349 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Flushing Financial in the 3rd quarter valued at $135,000. Macquarie Group Ltd. boosted its holdings in shares of Flushing Financial by 9.3% in the 3rd quarter. Macquarie Group Ltd. now owns 492,883 shares of the bank’s stock valued at $14,649,000 after purchasing an additional 41,965 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Flushing Financial by 36.5% in the 3rd quarter. Wells Fargo & Company MN now owns 41,469 shares of the bank’s stock valued at $1,232,000 after purchasing an additional 11,088 shares in the last quarter. 80.59% of the stock is currently owned by hedge funds and other institutional investors.
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Flushing Financial 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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