Flushing Financial Corporation (FFIC) Stock Rating Upgraded by Zacks Investment Research
Flushing Financial Corporation (NASDAQ:FFIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $31.00 price objective on the bank’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.18% from the company’s current price.
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. “
Other analysts also recently issued research reports about the company. BidaskClub downgraded Flushing Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $30.00 target price on shares of Flushing Financial Corporation in a research note on Thursday, August 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $30.00 target price on shares of Flushing Financial Corporation in a research note on Thursday, August 10th. Finally, ValuEngine raised Flushing Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Flushing Financial Corporation presently has an average rating of “Hold” and a consensus target price of $28.75.
Flushing Financial Corporation (NASDAQ FFIC) traded down 0.98% during trading on Monday, reaching $27.15. 48,303 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $28.00 and a 200-day moving average of $27.92. The stock has a market capitalization of $791.02 million, a PE ratio of 15.80 and a beta of 1.11. 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 earnings results on Tuesday, July 25th. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $45.57 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $0.39 EPS. On average, equities research analysts anticipate that Flushing Financial Corporation will post $1.74 EPS for the current year.
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In other news, COO Maria A. Grasso sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $26.77, for a total value of $107,080.00. Following the sale, the chief operating officer now owns 74,223 shares of the company’s stock, valued at approximately $1,986,949.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.86% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of FFIC. SG Americas Securities LLC purchased a new stake in Flushing Financial Corporation during the first quarter worth approximately $133,000. BNP Paribas Arbitrage SA increased its stake in Flushing Financial Corporation by 277.4% in the second quarter. BNP Paribas Arbitrage SA now owns 4,834 shares of the bank’s stock worth $136,000 after buying an additional 3,553 shares in the last quarter. Bank of Montreal Can increased its stake in Flushing Financial Corporation by 60.0% in the first quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock worth $200,000 after buying an additional 2,793 shares in the last quarter. Oxford Asset Management purchased a new stake in Flushing Financial Corporation during the first quarter worth approximately $212,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Flushing Financial Corporation during the second quarter worth approximately $221,000. 77.31% of the stock is currently owned by institutional investors.
About Flushing Financial Corporation
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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