Flushing Financial (FFIC) Cut to Hold at BidaskClub
BidaskClub lowered shares of Flushing Financial (NASDAQ:FFIC) from a buy rating to a hold rating in a research note released on Friday morning.
A number of other equities analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Flushing Financial from a buy rating to a hold rating in a research report on Wednesday, April 4th. ValuEngine cut shares of Flushing Financial from a buy rating to a hold rating in a research report on Monday, April 2nd. Finally, Sandler O’Neill raised shares of Flushing Financial from a hold rating to a buy rating and set a $31.00 price objective for the company in a research report on Thursday, February 15th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Flushing Financial presently has an average rating of Hold and an average price target of $29.75.
Flushing Financial stock opened at $27.33 on Friday. Flushing Financial has a 1-year low of $24.27 and a 1-year high of $31.69. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market capitalization of $775.14, a PE ratio of 17.41, a PEG ratio of 1.38 and a beta of 1.01.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 9th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.93%. This is a boost from Flushing Financial’s previous quarterly dividend of $0.18. Flushing Financial’s dividend payout ratio (DPR) is presently 50.96%.
Flushing Financial declared that its board has authorized a share buyback program on Tuesday, February 27th that authorizes the company to buyback 1,000,000 shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, Director Donna M. Obrien sold 6,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $27.73, for a total transaction of $166,380.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.86% of the company’s stock.
Several large investors have recently bought and sold shares of FFIC. SG Americas Securities LLC purchased a new position in shares of Flushing Financial during the 3rd quarter worth approximately $135,000. Wells Fargo & Company MN boosted its position in shares of Flushing Financial by 36.5% during the 3rd quarter. Wells Fargo & Company MN now owns 41,469 shares of the bank’s stock worth $1,232,000 after purchasing an additional 11,088 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Flushing Financial by 5.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 135,543 shares of the bank’s stock worth $4,029,000 after buying an additional 7,382 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Flushing Financial by 1.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,303,474 shares of the bank’s stock worth $68,460,000 after buying an additional 23,273 shares in the last quarter. Finally, OxFORD Asset Management LLP acquired a new stake in Flushing Financial during the 3rd quarter worth approximately $298,000. 80.59% of the stock is owned by hedge funds and other institutional investors.
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About Flushing Financial
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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