Flushing Financial (NASDAQ:FFIC) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Flushing Financial (NASDAQ:FFIC) announced its quarterly earnings data on Tuesday. The bank reported $0.14 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $112.58 million for the quarter, compared to analysts’ expectations of $47.12 million. During the same period in the previous year, the firm posted $0.10 earnings per share.

Flushing Financial Stock Performance

NASDAQ FFIC traded down $0.45 during trading on Wednesday, hitting $11.82. The company’s stock had a trading volume of 32,363 shares, compared to its average volume of 191,300. Flushing Financial has a 52 week low of $9.28 and a 52 week high of $18.00. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.26. The firm has a market cap of $343.61 million, a P/E ratio of 11.43 and a beta of 0.73. The firm has a 50 day moving average price of $12.32 and a 200 day moving average price of $13.83.

Flushing Financial Dividend Announcement

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

Insider Transactions at Flushing Financial

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

Analyst Ratings Changes

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