Flushing Financial (NASDAQ:FFIC) Trading Up 14.6% – Here’s What Happened

Flushing Financial Co. (NASDAQ:FFIC) shares shot up 14.6% during trading on Wednesday . The stock traded as high as $17.87 and last traded at $17.72. 155,270 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 180,931 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

Several brokerages have commented on FFIC. Keefe, Bruyette & Woods raised their target price on shares of Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. StockNews.com upgraded shares of Flushing Financial from a “sell” rating to a “hold” rating in a report on Monday, October 28th. Raymond James raised their target price on shares of Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Piper Sandler lowered shares of Flushing Financial from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $15.00 to $16.50 in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.50.

Flushing Financial Stock Up 16.7 %

The business’s 50-day moving average price is $14.60 and its 200-day moving average price is $13.62. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $524.42 million, a PE ratio of 20.74 and a beta of 0.75.

Flushing Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 4.88%. The ex-dividend date was Friday, September 6th. Flushing Financial’s payout ratio is presently 101.15%.

Insider Activity at Flushing Financial

In related news, CAO Astrid Burrowes sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $16.19, for a total transaction of $129,520.00. Following the transaction, the chief accounting officer now owns 34,853 shares of the company’s stock, valued at approximately $564,270.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Astrid Burrowes sold 8,000 shares of Flushing Financial stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $16.19, for a total value of $129,520.00. Following the transaction, the chief accounting officer now owns 34,853 shares of the company’s stock, valued at $564,270.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Maria A. Grasso sold 4,500 shares of Flushing Financial 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 completion of the transaction, the chief operating officer now directly owns 83,238 shares in the company, valued at approximately $1,122,880.62. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,500 shares of company stock valued at $344,925. 6.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flushing Financial

A number of institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC raised its position in shares of Flushing Financial by 1.3% in the second quarter. Cubist Systematic Strategies LLC now owns 68,151 shares of the bank’s stock valued at $896,000 after purchasing an additional 907 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Flushing Financial by 4,000.0% in the third quarter. Nisa Investment Advisors LLC now owns 2,050 shares of the bank’s stock valued at $30,000 after purchasing an additional 2,000 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Flushing Financial in the first quarter worth $32,000. CWM LLC grew its stake in shares of Flushing Financial by 87.0% in the second quarter. CWM LLC now owns 5,534 shares of the bank’s stock worth $73,000 after acquiring an additional 2,575 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Flushing Financial in the first quarter worth $35,000. Institutional investors own 67.10% of the company’s stock.

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.