Flushing Financial Corporation (FFIC) Upgraded to “Buy” 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 report released on Friday. The brokerage currently has a $32.00 target price on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.73% 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. “
Several other research firms have also recently issued reports on FFIC. Piper Jaffray Companies reiterated a “hold” rating and issued a $30.00 price objective on shares of Flushing Financial Corporation in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $30.00 price objective on shares of Flushing Financial Corporation in a research report on Sunday, October 8th. Finally, BidaskClub upgraded Flushing Financial Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $30.67.
Flushing Financial Corporation (NASDAQ:FFIC) traded down $1.08 during trading hours on Friday, reaching $28.90. The company’s stock had a trading volume of 81,385 shares, compared to its average volume of 55,020. The company has a debt-to-equity ratio of 2.67, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $832.90 million, a PE ratio of 17.73, a PEG ratio of 2.05 and a beta of 1.11.
Flushing Financial Corporation (NASDAQ:FFIC) last released its quarterly earnings data on Tuesday, October 31st. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.07). The business had revenue of $44.70 million during the quarter. Flushing Financial Corporation had a return on equity of 9.10% and a net margin of 19.50%. equities analysts expect that Flushing Financial Corporation will post 1.74 EPS for the current fiscal year.
In other news, Director Donna M. Obrien sold 3,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $27.33, for a total value of $81,990.00. Following the completion of the transaction, the director now owns 50,925 shares in the company, valued at $1,391,780.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 4.86% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Flushing Financial Corporation by 40.8% in the second quarter. Legal & General Group Plc now owns 5,868 shares of the bank’s stock valued at $115,000 after buying an additional 1,700 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Flushing Financial Corporation in the first quarter valued at $133,000. BNP Paribas Arbitrage SA increased its position 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 in the last quarter. Bank of Montreal Can increased its position 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 in the last quarter. Finally, Oxford Asset Management purchased a new position in shares of Flushing Financial Corporation in the first quarter valued at $212,000. Institutional investors and hedge funds own 77.28% 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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