Flushing Financial (NASDAQ:FFIC) Posts Earnings Results, Meets Expectations

Flushing Financial (NASDAQ:FFIC) announced its earnings results on Monday. The bank reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18, Zacks reports. Flushing Financial had a return on equity of 3.96% and a net margin of 5.84%. The firm had revenue of $117.45 million during the quarter, compared to analysts’ expectations of $46.96 million. During the same period in the prior year, the firm earned $0.26 EPS.

Flushing Financial Stock Down 1.5 %

Shares of FFIC traded down $0.23 during midday trading on Wednesday, reaching $14.76. 67,623 shares of the company were exchanged, compared to its average volume of 186,171. The stock has a 50-day moving average price of $13.34 and a 200-day moving average price of $13.14. The company has a market cap of $429.07 million, a price-to-earnings ratio of 14.75 and a beta of 0.77. Flushing Financial has a 1-year low of $10.74 and a 1-year high of $18.00. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00.

Flushing Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Monday, June 10th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.96%. The ex-dividend date of this dividend was Friday, June 7th. Flushing Financial’s dividend payout ratio is presently 88.00%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FFIC. Keefe, Bruyette & Woods decreased their price objective on Flushing Financial from $14.00 to $13.00 and set a “market perform” rating for the company in a research report on Friday, April 26th. Raymond James raised their price target on Flushing Financial from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com cut Flushing Financial from a “hold” rating to a “sell” rating in a report on Monday, July 8th. Finally, Piper Sandler cut Flushing Financial from an “overweight” rating to a “neutral” rating and raised their price target for the company from $15.00 to $16.50 in a report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.00.

Flushing Financial Company Profile

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.