Flushing Financial Corporation (FFIC) Rating Lowered to Hold at Zacks Investment Research
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 research analysts also recently commented on FFIC. ValuEngine raised Flushing Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Flushing Financial Corporation in a research note on Friday, July 14th. BidaskClub downgraded Flushing Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $30.00 price objective on shares of Flushing Financial Corporation in a research note on Thursday, August 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $30.33.
Flushing Financial Corporation (NASDAQ FFIC) traded up 0.42% on Friday, reaching $28.41. The company’s stock had a trading volume of 59,077 shares. The stock has a 50-day moving average of $27.47 and a 200-day moving average of $27.77. Flushing Financial Corporation has a one year low of $20.95 and a one year high of $31.96. The stock has a market cap of $827.73 million, a P/E ratio of 16.54 and a beta of 1.10.
Flushing Financial Corporation (NASDAQ:FFIC) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. Flushing Financial Corporation had a return on equity of 9.23% and a net margin of 19.96%. The firm had revenue of $45.57 million for the quarter, compared to the consensus estimate of $46.79 million. During the same quarter last year, the company earned $0.39 earnings per share. On average, analysts predict that Flushing Financial Corporation will post $1.74 EPS for the current fiscal year.
In related news, Director Donna M. Obrien sold 3,000 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $27.33, for a total transaction of $81,990.00. Following the completion of the sale, the director now owns 50,925 shares in the company, valued at $1,391,780.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.86% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in FFIC. Teachers Advisors LLC grew its position in shares of Flushing Financial Corporation by 2.1% during the fourth quarter. Teachers Advisors LLC now owns 50,049 shares of the bank’s stock worth $1,471,000 after purchasing an additional 1,034 shares in the last quarter. Bank of Montreal Can grew its position in shares of Flushing Financial Corporation by 60.0% during the first quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock worth $200,000 after purchasing an additional 2,793 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Flushing Financial Corporation by 7.8% during the first quarter. Wells Fargo & Company MN now owns 30,151 shares of the bank’s stock worth $810,000 after purchasing an additional 2,172 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Flushing Financial Corporation by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 215,460 shares of the bank’s stock worth $5,790,000 after purchasing an additional 9,666 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Flushing Financial Corporation by 5.7% during the first quarter. Swiss National Bank now owns 44,823 shares of the bank’s stock worth $1,204,000 after purchasing an additional 2,400 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.
Flushing Financial Corporation Company Profile
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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