Flushing Financial (NASDAQ:FFIC) Releases Earnings Results, Misses Estimates By $0.03 EPS

Flushing Financial (NASDAQ:FFIC) released its earnings results on Tuesday. The bank reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.03), FiscalAI reports. Flushing Financial had a negative net margin of 6.93% and a positive return on equity of 4.98%.

Flushing Financial Stock Performance

Shares of FFIC traded up $0.06 during trading hours on Tuesday, hitting $15.56. The company’s stock had a trading volume of 360,834 shares, compared to its average volume of 427,743. The business has a 50 day simple moving average of $16.10 and a two-hundred day simple moving average of $14.34. Flushing Financial has a 52-week low of $10.65 and a 52-week high of $17.79. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $525.62 million, a price-to-earnings ratio of -13.08 and a beta of 0.81.

Flushing Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date was Friday, December 5th. Flushing Financial’s dividend payout ratio (DPR) is currently -73.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in Flushing Financial by 586.8% in the third quarter. Wellington Management Group LLP now owns 1,786,993 shares of the bank’s stock worth $24,678,000 after acquiring an additional 1,526,793 shares in the last quarter. Patriot Financial Partners GP II L.P. bought a new stake in Flushing Financial during the 3rd quarter valued at $9,322,000. Millennium Management LLC boosted its holdings in shares of Flushing Financial by 104.3% during the first quarter. Millennium Management LLC now owns 523,080 shares of the bank’s stock worth $6,643,000 after purchasing an additional 267,013 shares during the period. Alliancebernstein L.P. lifted its stake in Flushing Financial by 91.1% in the third quarter. Alliancebernstein L.P. now owns 375,832 shares of the bank’s stock worth $5,190,000 after acquiring an additional 179,150 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Flushing Financial by 361.7% during the 2nd quarter. Qube Research & Technologies Ltd now owns 124,101 shares of the bank’s stock valued at $1,474,000 after purchasing an additional 97,219 shares in the last quarter. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FFIC. Zacks Research cut shares of Flushing Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Raymond James Financial lowered Flushing Financial from a “moderate buy” rating to a “hold” rating in a report on Wednesday, December 31st. Wall Street Zen lowered Flushing Financial from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Flushing Financial in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

About Flushing Financial

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank’s growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company’s primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.