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

Flushing Financial (NASDAQ:FFIC) released its quarterly earnings results on Tuesday. The bank reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03), FiscalAI reports. The business had revenue of $56.98 million for the quarter, compared to analyst estimates of $61.56 million. Flushing Financial had a return on equity of 5.95% and a net margin of 3.86%.

Flushing Financial Stock Up 0.7%

FFIC stock traded up $0.12 during mid-day trading on Thursday, reaching $16.12. The company had a trading volume of 63,308 shares, compared to its average volume of 293,357. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a 50 day simple moving average of $15.66 and a two-hundred day simple moving average of $15.59. The company has a market capitalization of $546.04 million, a price-to-earnings ratio of 29.85 and a beta of 0.79. Flushing Financial has a 52 week low of $11.13 and a 52 week high of $17.79.

Flushing Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Investors of record on Friday, April 10th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, April 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.5%. Flushing Financial’s dividend payout ratio (DPR) is presently 88.00%.

Insiders Place Their Bets

In other Flushing Financial news, EVP Thomas Buonaiuto sold 1,570 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $16.20, for a total value of $25,434.00. Following the completion of the transaction, the executive vice president directly owned 35,469 shares in the company, valued at $574,597.80. This trade represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in shares of Flushing Financial by 75.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,847 shares of the bank’s stock worth $46,000 after acquiring an additional 1,650 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of Flushing Financial by 58.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 3,295 shares of the bank’s stock worth $50,000 after acquiring an additional 1,218 shares during the period. Summit Securities Group LLC bought a new position in shares of Flushing Financial during the 4th quarter worth approximately $82,000. Kestra Advisory Services LLC bought a new position in shares of Flushing Financial during the 4th quarter worth approximately $99,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in Flushing Financial during the 3rd quarter worth approximately $147,000. 67.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Raymond James Financial lowered Flushing Financial from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, December 31st. Keefe, Bruyette & Woods raised their price target on Flushing Financial from $14.50 to $16.80 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Finally, Weiss Ratings raised Flushing Financial from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, March 9th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Flushing Financial has an average rating of “Hold” and a consensus target price of $16.80.

Flushing Financial Company Profile

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.