Wedge Capital Management L L P NC Sells 1,083 Shares of Flushing Financial Corp. (FFIC)
Wedge Capital Management L L P NC decreased its position in Flushing Financial Corp. (NASDAQ:FFIC) by 1.8% during the second quarter, Holdings Channel reports. The institutional investor owned 60,378 shares of the company’s stock after selling 1,083 shares during the period. Wedge Capital Management L L P NC’s holdings in Flushing Financial Corp. were worth $1,200,000 at the end of the most recent quarter.
Separately, Wellington Management Group LLP boosted its stake in shares of 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 worth $58,933,000 after buying an additional 38,723 shares in the last quarter. 76.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Flushing Financial Corp. (NASDAQ:FFIC) traded up 0.31% during trading on Tuesday, hitting $22.80. The stock had a trading volume of 24,731 shares. The stock has a market cap of $661.68 million, a price-to-earnings ratio of 10.55 and a beta of 0.92. Flushing Financial Corp. has a 12-month low of $18.95 and a 12-month high of $23.78. The stock’s 50-day moving average is $23.14 and its 200-day moving average is $21.48.
Flushing Financial Corp. (NASDAQ:FFIC) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $79.61 million for the quarter, compared to analysts’ expectations of $43.87 million. Flushing Financial Corp. had a return on equity of 9.21% and a net margin of 24.28%. The company’s revenue for the quarter was up 65.5% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. On average, equities research analysts expect that Flushing Financial Corp. will post $1.63 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 9th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Wednesday, September 7th. Flushing Financial Corp.’s payout ratio is currently 31.48%.
FFIC has been the subject of a number of research reports. Sandler O’Neill cut Flushing Financial Corp. from a “buy” rating to a “hold” rating and lifted their price target for the stock from $23.00 to $24.00 in a research report on Wednesday, August 31st. Zacks Investment Research raised Flushing Financial Corp. from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Tuesday, August 30th. Keefe, Bruyette & Woods lifted 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, Gabelli initiated coverage on Flushing Financial Corp. in a research report on Wednesday, June 29th. They set a “buy” rating and a $27.00 price target for the company.
In related news, SVP Caterina Depasquale sold 1,200 shares of the stock in a transaction on 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 of the company’s stock, valued at $379,619.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Francis W. Korzekwinski sold 3,872 shares of the stock in a transaction on 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 directly 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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