Flushing Financial (NASDAQ:FFIC) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Flushing Financial Corporation (NASDAQ:FFIC)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.87 and traded as high as $15.89. Flushing Financial shares last traded at $15.4850, with a volume of 2,320,300 shares.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of Flushing Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $16.80.

Flushing Financial Stock Up 0.1%

The company has a market cap of $524.63 million, a P/E ratio of 15.48 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $15.78 and its 200 day moving average is $15.87.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Tuesday, April 28th. The bank reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03). The company had revenue of $56.98 million for the quarter, compared to analysts’ expectations of $61.15 million. Flushing Financial had a return on equity of 6.25% and a net margin of 7.15%.

Insider Activity at Flushing Financial

In other news, EVP Thomas Buonaiuto sold 10,778 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $15.96, for a total value of $172,016.88. Following the completion of the transaction, the executive vice president directly owned 24,691 shares of the company’s stock, valued at approximately $394,068.36. The trade was a 30.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.66% of the company’s stock.

Hedge Funds Weigh In On Flushing Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teton Advisors LLC purchased a new stake in shares of Flushing Financial during the third quarter valued at about $1,471,000. JPMorgan Chase & Co. grew its position in shares of Flushing Financial by 74.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 97,708 shares of the bank’s stock worth $1,349,000 after buying an additional 41,538 shares during the last quarter. Gabelli Funds LLC grew its position in shares of Flushing Financial by 15.4% in the 4th quarter. Gabelli Funds LLC now owns 471,541 shares of the bank’s stock worth $7,153,000 after buying an additional 63,000 shares during the last quarter. CSM Advisors LLC raised its stake in shares of Flushing Financial by 16.3% during the 3rd quarter. CSM Advisors LLC now owns 399,535 shares of the bank’s stock worth $5,515,000 after acquiring an additional 56,085 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Flushing Financial by 56.8% during the 4th quarter. UBS Group AG now owns 197,812 shares of the bank’s stock worth $3,001,000 after acquiring an additional 71,682 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

About Flushing Financial

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank’s growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company’s primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.