Flushing Financial Corporation (FFIC) Lowered to Hold at Zacks Investment Research
Flushing Financial Corporation (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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. “
A number of other brokerages have also recently commented on FFIC. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $30.00 target price on shares of Flushing Financial Corporation in a report on Thursday, August 3rd. BidaskClub raised Flushing Financial Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 4th. ValuEngine raised Flushing Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $30.00 price target on shares of Flushing Financial Corporation in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Flushing Financial Corporation presently has an average rating of “Hold” and a consensus target price of $30.33.
Flushing Financial Corporation (NASDAQ FFIC) traded up 0.42% during trading on Friday, reaching $28.41. The company had a trading volume of 59,077 shares. The firm’s 50-day moving average price is $27.47 and its 200 day moving average price is $27.77. The firm has a market capitalization of $827.73 million, a P/E ratio of 16.54 and a beta of 1.10. Flushing Financial Corporation has a one year low of $20.95 and a one year high of $31.96.
Flushing Financial Corporation (NASDAQ:FFIC) last announced its earnings results on Tuesday, July 25th. The bank reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.05. Flushing Financial Corporation had a return on equity of 9.23% and a net margin of 19.96%. The company had revenue of $45.57 million for the quarter, compared to analysts’ expectations of $46.79 million. During the same period last year, the firm earned $0.39 EPS. Equities analysts forecast that Flushing Financial Corporation will post $1.74 earnings per share for the current fiscal year.
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In other Flushing Financial Corporation news, Director Donna M. Obrien sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $27.33, for a total transaction of $81,990.00. Following the sale, the director now directly owns 50,925 shares of the company’s stock, valued at $1,391,780.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.86% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of FFIC. SG Americas Securities LLC bought a new stake in Flushing Financial Corporation during the first quarter valued at about $133,000. BNP Paribas Arbitrage SA raised its holdings in Flushing Financial Corporation by 277.4% during the second quarter. BNP Paribas Arbitrage SA now owns 4,834 shares of the bank’s stock valued at $136,000 after acquiring an additional 3,553 shares during the period. Bank of Montreal Can raised its holdings in Flushing Financial Corporation by 60.0% during the first quarter. Bank of Montreal Can now owns 7,450 shares of the bank’s stock valued at $200,000 after acquiring an additional 2,793 shares during the period. Oxford Asset Management bought a new stake in Flushing Financial Corporation during the first quarter valued at about $212,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Flushing Financial Corporation during the second quarter valued at about $221,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.
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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