Flushing Financial (NASDAQ:FFIC) Share Price Passes Above 200 Day Moving Average – What’s Next?

Flushing Financial Corporation (NASDAQ:FFIC) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.77 and traded as high as $15.89. Flushing Financial shares last traded at $15.4850, with a volume of 2,320,300 shares.

Analyst Upgrades and Downgrades

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

Flushing Financial Stock Up 0.1%

The company has a debt-to-equity ratio of 0.60, a current ratio of 0.89 and a quick ratio of 0.89. The company has a fifty day moving average price of $15.67 and a 200 day moving average price of $15.77. The company has a market cap of $524.63 million, a PE ratio of 15.48 and a beta of 0.74.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings results on Tuesday, April 28th. The bank reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03). The company had revenue of $56.98 million during 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

In related news, EVP Thomas Buonaiuto sold 10,778 shares of the company’s stock in a transaction on Friday, May 8th. The shares were 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 in the company, valued at approximately $394,068.36. The trade was a 30.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.66% of the company’s stock.

Institutional Investors Weigh In On Flushing Financial

Several hedge funds have recently added to or reduced their stakes in FFIC. Royal Bank of Canada raised its stake in shares of Flushing Financial by 9.1% during the first quarter. Royal Bank of Canada now owns 17,472 shares of the bank’s stock worth $222,000 after acquiring an additional 1,453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Flushing Financial by 19.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,875 shares of the bank’s stock valued at $240,000 after purchasing an additional 3,062 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Flushing Financial by 104.3% during the 1st quarter. Millennium Management LLC now owns 523,080 shares of the bank’s stock valued at $6,643,000 after purchasing an additional 267,013 shares during the last quarter. Empowered Funds LLC raised its position in Flushing Financial by 8.5% in the 1st quarter. Empowered Funds LLC now owns 102,944 shares of the bank’s stock worth $1,307,000 after purchasing an additional 8,036 shares during the period. Finally, Rhumbline Advisers raised its position in Flushing Financial by 14.9% in the 2nd quarter. Rhumbline Advisers now owns 51,306 shares of the bank’s stock worth $610,000 after purchasing an additional 6,645 shares during the period. 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.