Flushing Financial (NASDAQ:FFIC) Price Target Raised to $16.80

Flushing Financial (NASDAQ:FFIC) had its price objective raised by Keefe, Bruyette & Woods from $14.50 to $16.80 in a research note issued to investors on Thursday,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other analysts have also commented on the company. Wall Street Zen lowered Flushing Financial from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Zacks Research cut Flushing Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Raymond James Financial lowered Flushing Financial from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, December 31st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Flushing Financial in a report on Monday, December 29th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Flushing Financial presently has a consensus rating of “Reduce” and an average target price of $16.80.

Flushing Financial Stock Up 0.2%

Shares of Flushing Financial stock opened at $15.79 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The company has a market cap of $533.39 million, a P/E ratio of 29.24 and a beta of 0.81. The firm’s 50 day moving average price is $16.13 and its 200-day moving average price is $14.42. Flushing Financial has a 52-week low of $10.65 and a 52-week high of $17.79.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Tuesday, January 27th. The bank reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Flushing Financial had a net margin of 3.86% and a return on equity of 5.96%. The firm had revenue of $58.81 million for the quarter, compared to analysts’ expectations of $62.27 million. On average, sell-side analysts predict that Flushing Financial will post 1.2 EPS for the current fiscal year.

Flushing Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a $0.22 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.88 dividend on an annualized basis and a yield of 5.6%. Flushing Financial’s dividend payout ratio is currently 162.96%.

Institutional Trading of Flushing Financial

Several institutional investors and hedge funds have recently bought and sold shares of FFIC. Wellington Management Group LLP increased its stake in shares of 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 during the period. Geode Capital Management LLC boosted its holdings in Flushing Financial by 2.4% in the second quarter. Geode Capital Management LLC now owns 813,159 shares of the bank’s stock valued at $9,662,000 after purchasing an additional 18,829 shares during the last quarter. Patriot Financial Partners GP LP grew its position in Flushing Financial by 17.4% during the 2nd quarter. Patriot Financial Partners GP LP now owns 675,000 shares of the bank’s stock worth $8,019,000 after purchasing an additional 100,000 shares during the period. Patriot Financial Partners GP II L.P. purchased a new position in shares of Flushing Financial during the 3rd quarter valued at about $9,322,000. Finally, Invesco Ltd. lifted its holdings in shares of Flushing Financial by 10.3% in the 2nd quarter. Invesco Ltd. now owns 597,467 shares of the bank’s stock valued at $7,098,000 after buying an additional 55,563 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.