Zacks Investment Research Lowers Flushing Financial Corporation (FFIC) to Hold
Flushing Financial Corporation (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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. “
Several other analysts have also issued reports on the company. Piper Jaffray Companies restated a “hold” rating and issued a $28.00 target price on shares of Flushing Financial Corporation in a research note on Friday, July 14th. BidaskClub lowered Flushing Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. ValuEngine upgraded Flushing Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $30.00 target price on shares of Flushing Financial Corporation in a research note on Thursday, August 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $30.33.
Flushing Financial Corporation (FFIC) traded up 0.40% during midday trading on Friday, reaching $27.34. The company had a trading volume of 118,731 shares. The firm has a market capitalization of $796.55 million, a price-to-earnings ratio of 15.91 and a beta of 1.10. The stock’s 50 day moving average is $27.52 and its 200 day moving average is $27.79. Flushing Financial Corporation has a 12-month low of $20.95 and a 12-month high of $31.96.
Flushing Financial Corporation (NASDAQ:FFIC) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.05. The business had revenue of $45.57 million for the quarter, compared to analyst estimates 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 period last year, the company posted $0.39 earnings per share. Equities research analysts expect that Flushing Financial Corporation will post $1.74 earnings per share for the current year.
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Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in shares of Flushing Financial Corporation in the first quarter valued at $133,000. BNP Paribas Arbitrage SA raised its stake in shares of Flushing Financial Corporation by 277.4% in the second quarter. BNP Paribas Arbitrage SA now owns 4,834 shares of the bank’s stock valued at $136,000 after buying an additional 3,553 shares during the period. Bank of Montreal Can raised its stake in shares of Flushing Financial Corporation by 60.0% in the first quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock valued at $200,000 after buying an additional 2,793 shares during the period. Oxford Asset Management bought a new stake in shares of Flushing Financial Corporation in the first quarter valued at $212,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Flushing Financial Corporation in the second quarter valued at $221,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.
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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