Flushing Financial (NASDAQ:FFIC) Releases Earnings Results

Flushing Financial (NASDAQ:FFIC) announced its quarterly earnings data on Thursday. The bank reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08, reports. The business had revenue of $51.88 million for the quarter, compared to analyst estimates of $47.45 million. Flushing Financial had a net margin of 5.84% and a return on equity of 3.96%.

Flushing Financial Stock Performance

Shares of NASDAQ FFIC traded up $0.21 during trading hours on Friday, reaching $15.29. The stock had a trading volume of 422,922 shares, compared to its average volume of 179,448. The firm has a 50-day moving average of $14.33 and a 200-day moving average of $13.38. The firm has a market cap of $444.47 million, a price-to-earnings ratio of 15.29 and a beta of 0.76. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.98. Flushing Financial has a fifty-two week low of $10.74 and a fifty-two week high of $18.00.

Flushing Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 5.76%. The ex-dividend date was Friday, September 6th. Flushing Financial’s payout ratio is currently 88.00%.

Insider Buying and Selling at Flushing Financial

In other news, COO Maria A. Grasso sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $13.49, for a total transaction of $60,705.00. Following the transaction, the chief operating officer now directly owns 83,238 shares in the company, valued at approximately $1,122,880.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flushing Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in FFIC. Nisa Investment Advisors LLC lifted its position in Flushing Financial by 4,000.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,050 shares of the bank’s stock worth $30,000 after acquiring an additional 2,000 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Flushing Financial during the third quarter worth approximately $196,000. CWM LLC lifted its holdings in shares of Flushing Financial by 136.6% during the third quarter. CWM LLC now owns 13,093 shares of the bank’s stock worth $191,000 after purchasing an additional 7,559 shares during the period. SG Americas Securities LLC grew its position in Flushing Financial by 58.7% in the 3rd quarter. SG Americas Securities LLC now owns 17,973 shares of the bank’s stock valued at $262,000 after buying an additional 6,651 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Flushing Financial in the 2nd quarter valued at $61,000. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FFIC. Raymond James raised their price target on Flushing Financial from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Piper Sandler downgraded Flushing Financial from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $15.00 to $16.50 in a report on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their target price on Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a research note on Thursday, August 1st. Finally, StockNews.com lowered shares of Flushing Financial from a “hold” rating to a “sell” rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.