Zacks Investment Research upgraded shares of Flushing Financial (NASDAQ:FFIC) from a sell rating to a hold rating in a report 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. “
FFIC has been the subject of several other research reports. BidaskClub cut shares of Flushing Financial from a hold rating to a sell rating in a research report on Friday, September 21st. Sandler O’Neill reissued a buy rating and set a $30.00 price target on shares of Flushing Financial in a research report on Thursday, July 26th. ValuEngine cut shares of Flushing Financial from a hold rating to a sell rating in a research report on Monday, September 24th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $26.50 target price on shares of Flushing Financial in a research report on Thursday, July 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Flushing Financial currently has an average rating of Hold and a consensus target price of $29.10.
FFIC traded down $0.77 during trading on Tuesday, hitting $22.18. 96,017 shares of the stock traded hands, compared to its average volume of 67,924. The stock has a market capitalization of $690.41 million, a P/E ratio of 14.13, a PEG ratio of 1.17 and a beta of 0.93. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 2.32. Flushing Financial has a 12-month low of $21.87 and a 12-month high of $31.45.
Flushing Financial (NASDAQ:FFIC) last announced its quarterly earnings results on Tuesday, July 24th. The bank reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The business had revenue of $45.81 million during the quarter, compared to analysts’ expectations of $45.10 million. Flushing Financial had a net margin of 16.32% and a return on equity of 8.45%. Sell-side analysts expect that Flushing Financial will post 1.86 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Monday, September 10th were given a $0.20 dividend. The ex-dividend date was Friday, September 7th. This represents a $0.80 annualized dividend and a dividend yield of 3.61%. Flushing Financial’s dividend payout ratio is 50.96%.
Several large investors have recently bought and sold shares of FFIC. Wells Fargo & Company MN lifted its position in shares of Flushing Financial by 9.4% in the 1st quarter. Wells Fargo & Company MN now owns 56,410 shares of the bank’s stock worth $1,521,000 after purchasing an additional 4,869 shares during the period. Swiss National Bank lifted its position in shares of Flushing Financial by 6.5% in the 1st quarter. Swiss National Bank now owns 47,723 shares of the bank’s stock worth $1,287,000 after purchasing an additional 2,900 shares during the period. Northern Trust Corp lifted its position in shares of Flushing Financial by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,190,246 shares of the bank’s stock worth $32,089,000 after purchasing an additional 6,596 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Flushing Financial by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,382,977 shares of the bank’s stock worth $64,245,000 after purchasing an additional 54,621 shares during the period. Finally, Citadel Advisors LLC lifted its position in shares of Flushing Financial by 70.0% in the 1st quarter. Citadel Advisors LLC now owns 12,405 shares of the bank’s stock worth $334,000 after purchasing an additional 5,109 shares during the period. 75.55% of the stock is owned by hedge funds and other institutional investors.
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. The company offers various deposit products, including checking and savings accounts, money market accounts, demand accounts, NOW accounts, and certificates of deposit.
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