Flushing Financial (NASDAQ:FFIC) Releases Earnings Results, Beats Expectations By $0.08 EPS

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

Flushing Financial Stock Up 1.4 %

Shares of NASDAQ:FFIC opened at $15.29 on Friday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.01 and a current ratio of 1.01. Flushing Financial has a 52-week low of $10.74 and a 52-week high of $18.00. The business’s 50 day simple moving average is $14.33 and its two-hundred day simple moving average is $13.39. The firm has a market cap of $444.48 million, a P/E ratio of 17.18 and a beta of 0.76.

Flushing Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend was Friday, September 6th. Flushing Financial’s payout ratio is 98.88%.

Insider Activity

In related news, COO Maria A. Grasso sold 4,500 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $13.49, for a total value of $60,705.00. Following the transaction, the chief operating officer now directly owns 83,238 shares in the company, valued at $1,122,880.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.31% of the company’s stock.

Institutional Investors Weigh In On Flushing Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Flushing Financial by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 1,609,430 shares of the bank’s stock worth $20,295,000 after purchasing an additional 5,933 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Flushing Financial by 0.9% during the first quarter. Gamco Investors INC. ET AL now owns 1,209,250 shares of the bank’s stock valued at $15,249,000 after buying an additional 11,285 shares during the last quarter. Dana Investment Advisors Inc. grew its holdings in Flushing Financial by 11.5% during the second quarter. Dana Investment Advisors Inc. now owns 453,198 shares of the bank’s stock worth $5,960,000 after buying an additional 46,800 shares in the last quarter. American Century Companies Inc. raised its position in Flushing Financial by 16.1% in the 2nd quarter. American Century Companies Inc. now owns 452,209 shares of the bank’s stock valued at $5,947,000 after buying an additional 62,659 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Flushing Financial by 38.1% during the 2nd quarter. Acadian Asset Management LLC now owns 370,758 shares of the bank’s stock valued at $4,874,000 after acquiring an additional 102,219 shares in the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FFIC. Raymond James increased their price target on Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. StockNews.com cut Flushing Financial from a “hold” rating to a “sell” rating in a research note on Monday, July 8th. Keefe, Bruyette & Woods lifted their target price on Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Finally, Piper Sandler cut 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 report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.50.

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.