JPMorgan Chase & Co. Has $7,560,000 Stake in Flushing Financial Corp. (FFIC)
JPMorgan Chase & Co. lowered its stake in Flushing Financial Corp. (NASDAQ:FFIC) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 380,285 shares of the company’s stock after selling 9,999 shares during the period. JPMorgan Chase & Co. owned approximately 1.31% of Flushing Financial Corp. worth $7,560,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Flushing Financial Corp. by 1.4% in the first quarter. Wellington Management Group LLP now owns 2,725,898 shares of the company’s stock valued at $58,933,000 after buying an additional 38,723 shares during the period. Frontier Capital Management Co. LLC raised its stake in Flushing Financial Corp. by 3.5% in the second quarter. Frontier Capital Management Co. LLC now owns 1,896,462 shares of the company’s stock valued at $37,702,000 after buying an additional 64,550 shares during the period. LSV Asset Management raised its stake in Flushing Financial Corp. by 2.1% in the second quarter. LSV Asset Management now owns 579,118 shares of the company’s stock valued at $11,512,000 after buying an additional 11,700 shares during the period. Gabelli Funds LLC raised its stake in Flushing Financial Corp. by 1.7% in the second quarter. Gabelli Funds LLC now owns 536,093 shares of the company’s stock valued at $10,658,000 after buying an additional 9,000 shares during the period. Finally, Norges Bank bought a new stake in Flushing Financial Corp. during the fourth quarter valued at approximately $7,725,000. 76.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Flushing Financial Corp. (NASDAQ:FFIC) traded down 0.82% during trading on Friday, reaching $23.08. The company’s stock had a trading volume of 31,886 shares. Flushing Financial Corp. has a 52 week low of $18.95 and a 52 week high of $23.78. The company has a 50 day moving average price of $23.07 and a 200 day moving average price of $21.42. The firm has a market capitalization of $669.80 million, a P/E ratio of 10.68 and a beta of 0.93.
Flushing Financial Corp. (NASDAQ:FFIC) last posted its earnings results on Tuesday, July 26th. The company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Flushing Financial Corp. had a return on equity of 9.21% and a net margin of 24.28%. The business earned $79.61 million during the quarter, compared to the consensus estimate of $43.87 million. During the same period in the previous year, the business earned $0.36 EPS. The business’s quarterly revenue was up 65.5% on a year-over-year basis. On average, equities research analysts expect that Flushing Financial Corp. will post $1.63 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 9th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Wednesday, September 7th. Flushing Financial Corp.’s payout ratio is currently 31.48%.
Several analysts recently commented on FFIC shares. Gabelli started coverage on Flushing Financial Corp. in a report on Wednesday, June 29th. They set a “buy” rating and a $27.00 target price on the stock. Zacks Investment Research raised Flushing Financial Corp. from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Tuesday, August 30th. Keefe, Bruyette & Woods increased their price target on Flushing Financial Corp. from $21.00 to $22.00 and gave the stock a “market perform” rating in a research report on Monday, August 1st. Finally, Sandler O’Neill downgraded Flushing Financial Corp. from a “buy” rating to a “hold” rating and increased their price target for the stock from $23.00 to $24.00 in a research report on Wednesday, August 31st.
In related news, SVP Caterina Depasquale sold 1,200 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $22.87, for a total value of $27,444.00. Following the transaction, the senior vice president now owns 16,599 shares in the company, valued at approximately $379,619.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Francis W. Korzekwinski sold 3,872 shares of the business’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $22.34, for a total value of $86,500.48. Following the completion of the transaction, the insider now owns 72,363 shares in the company, valued at approximately $1,616,589.42. The disclosure for this sale can be found here. 5.85% of the stock is owned by insiders.
About Flushing Financial Corp.
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 owns three subsidiaries: Flushing Preferred Funding Corporation (FPFC), Flushing Service Corporation, and FSB Properties Inc (Properties).
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