Flushing Financial (NASDAQ:FFIC) Sets New 52-Week High – Here’s Why

Shares of Flushing Financial Co. (NASDAQ:FFIC) hit a new 52-week high during trading on Monday . The stock traded as high as $18.53 and last traded at $18.23, with a volume of 18863 shares. The stock had previously closed at $18.09.

Analyst Ratings Changes

FFIC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their price target on shares of Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a research note on Thursday, August 1st. StockNews.com upgraded shares of Flushing Financial from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Raymond James increased their price target on shares of Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Piper Sandler downgraded Flushing Financial from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $15.00 to $16.50 in a report on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.50.

Flushing Financial Price Performance

The company’s 50 day moving average price is $15.63 and its 200 day moving average price is $14.20. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $519.48 million, a price-to-earnings ratio of 20.54 and a beta of 0.75.

Flushing Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.88 dividend on an annualized basis and a yield of 4.92%. Flushing Financial’s dividend payout ratio (DPR) is presently 101.15%.

Insiders Place Their Bets

In other Flushing Financial news, CAO Astrid Burrowes sold 8,000 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was 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 approximately $564,270.07. The trade was a 18.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sam Sang Ki Han sold 10,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $15.47, for a total value of $154,700.00. Following the sale, the director now owns 67,251 shares in the company, valued at $1,040,372.97. The trade was a 12.94 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.31% of the company’s stock.

Institutional Investors Weigh In On Flushing Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FFIC. Cubist Systematic Strategies LLC grew its stake in shares of Flushing Financial by 1.3% during 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 last quarter. Nisa Investment Advisors LLC lifted its holdings 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 buying an additional 2,000 shares in the last quarter. CWM LLC boosted its position in Flushing Financial by 87.0% in the 2nd quarter. CWM LLC now owns 5,534 shares of the bank’s stock valued at $73,000 after buying an additional 2,575 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Flushing Financial in the 1st quarter valued at $35,000. Finally, FMR LLC raised its position in shares of Flushing Financial by 64.1% during the third quarter. FMR LLC now owns 7,259 shares of the bank’s stock worth $106,000 after acquiring an additional 2,836 shares during the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

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.