BidaskClub lowered shares of Flushing Financial (NASDAQ:FFIC) from a buy rating to a hold rating in a research note released on Friday morning.
Several other analysts have also recently issued reports on the stock. Sandler O’Neill raised shares of Flushing Financial from a hold rating to a buy rating and set a $31.00 price objective for the company in a research note on Thursday, February 15th. Zacks Investment Research cut shares of Flushing Financial from a hold rating to a sell rating in a research note on Wednesday, January 31st. Finally, ValuEngine cut shares of Flushing Financial from a buy rating to a hold rating in a research note on Monday, April 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $29.75.
Shares of NASDAQ FFIC opened at $27.33 on Friday. Flushing Financial has a 12-month low of $24.27 and a 12-month high of $31.69. The stock has a market cap of $775.14, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 1.38 and a beta of 1.01. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.19 and a quick ratio of 1.19.
Flushing Financial announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 9th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.93%. The ex-dividend date was Thursday, March 8th. This is a boost from Flushing Financial’s previous quarterly dividend of $0.18. Flushing Financial’s dividend payout ratio is currently 50.96%.
In other news, Director Donna M. Obrien sold 6,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $27.73, for a total value of $166,380.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.86% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of FFIC. Context BH Capital Management LP grew its stake in shares of Flushing Financial by 278.8% in the 4th quarter. Context BH Capital Management LP now owns 64,620 shares of the bank’s stock valued at $1,777,000 after buying an additional 47,563 shares during the period. Santa Monica Partners LP purchased a new stake in shares of Flushing Financial in the 4th quarter valued at approximately $1,201,000. Deutsche Bank AG grew its stake in shares of Flushing Financial by 102.9% in the 4th quarter. Deutsche Bank AG now owns 71,829 shares of the bank’s stock valued at $1,973,000 after buying an additional 36,433 shares during the period. BlackRock Inc. grew its stake in shares of Flushing Financial by 1.7% in the 4th quarter. BlackRock Inc. now owns 1,998,599 shares of the bank’s stock valued at $54,962,000 after buying an additional 33,112 shares during the period. Finally, Mutual of America Capital Management LLC grew its stake in shares of Flushing Financial by 19.8% in the 4th quarter. Mutual of America Capital Management LLC now owns 188,320 shares of the bank’s stock valued at $5,179,000 after buying an additional 31,190 shares during the period. 80.59% of the stock is owned by institutional investors and hedge funds.
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Flushing Financial 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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