Zacks Investment Research upgraded shares of Flushing Financial Corporation (NASDAQ:FFIC) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $31.00 price target on the bank’s stock.
According to Zacks, “FLUSHING FINANCIAL CORP. is a unitary savings and loan holding company, which, under existing laws, is generally not restricted as to types of business activities in which it may engage, provided that the subsidiary, continues to be a qualified thrift lender. Under the regulations of the Office of Thrift Supervision, the subsidiary is a qualified thrift lender if its ratio of qualified thrift investments to portfolio assets is 65% or more, on a monthly average basis in nine of every 12 months. “
A number of other analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reiterated a hold rating and set a $30.00 price target on shares of Flushing Financial Corporation in a research report on Thursday, August 10th. BidaskClub upgraded Flushing Financial Corporation from a strong sell rating to a sell rating in a research report on Friday, August 4th. Piper Jaffray Companies reiterated a hold rating and set a $30.00 price target on shares of Flushing Financial Corporation in a research report on Thursday, August 3rd. Finally, ValuEngine upgraded Flushing Financial Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Flushing Financial Corporation has a consensus rating of Hold and an average target price of $30.33.
Flushing Financial Corporation (FFIC) opened at 27.71 on Tuesday. The firm has a 50 day moving average price of $27.47 and a 200 day moving average price of $27.77. The stock has a market capitalization of $807.33 million, a P/E ratio of 16.13 and a beta of 1.10. Flushing Financial Corporation has a 52 week low of $20.95 and a 52 week high of $31.96.
Flushing Financial Corporation (NASDAQ:FFIC) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $45.57 million for the quarter, compared to analysts’ expectations of $46.79 million. Flushing Financial Corporation had a return on equity of 9.23% and a net margin of 19.96%. During the same period in the prior year, the firm earned $0.39 EPS. Equities research analysts predict that Flushing Financial Corporation will post $1.74 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Thursday, September 7th. Flushing Financial Corporation’s dividend payout ratio is currently 41.62%.
In related news, Director Donna M. Obrien sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $27.33, for a total value of $81,990.00. Following the sale, the director now directly owns 50,925 shares in the company, valued at approximately $1,391,780.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.86% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its position in Flushing Financial Corporation by 277.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,834 shares of the bank’s stock valued at $136,000 after acquiring an additional 3,553 shares during the period. SG Americas Securities LLC acquired a new stake in Flushing Financial Corporation in the 1st quarter valued at approximately $133,000. Bank of Montreal Can increased its position in Flushing Financial Corporation by 60.0% in the 1st quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock valued at $200,000 after acquiring an additional 2,793 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Flushing Financial Corporation in the 2nd quarter valued at approximately $221,000. Finally, Oxford Asset Management acquired a new stake in Flushing Financial Corporation in the 1st quarter valued at approximately $212,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.
Flushing Financial Corporation Company Profile
Flushing Financial Corporation is the bank holding company for Flushing Bank (the Bank). The Company is a community-oriented financial institution offering a range of financial services. The Bank’s subsidiaries include Flushing Preferred Funding Corporation, Flushing Service Corporation and FSB Properties Inc The Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III and Flushing Financial Capital Trust IV (the Trusts).
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