Flushing Financial Co. (NASDAQ:FFIC) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 427,500 shares, a decrease of 28.0% from the August 15th total of 593,700 shares. Based on an average trading volume of 115,100 shares, the days-to-cover ratio is currently 3.7 days. Currently, 1.5% of the shares of the stock are sold short.
Flushing Financial stock traded down $0.25 during trading hours on Tuesday, reaching $21.05. The stock had a trading volume of 1,816 shares, compared to its average volume of 137,036. The company has a fifty day simple moving average of $22.26 and a 200-day simple moving average of $22.44. Flushing Financial has a 52 week low of $10.19 and a 52 week high of $25.22. The stock has a market cap of $651.22 million, a PE ratio of 11.70 and a beta of 0.87. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.08 and a quick ratio of 1.08.
Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Monday, July 26th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.04). The business had revenue of $57.83 million during the quarter, compared to the consensus estimate of $65.00 million. Flushing Financial had a return on equity of 11.83% and a net margin of 20.03%. Research analysts predict that Flushing Financial will post 2.57 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on FFIC. Zacks Investment Research cut Flushing Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, August 10th. DA Davidson reaffirmed a “neutral” rating on shares of Flushing Financial in a research note on Tuesday, June 29th.
In other news, CEO John R. Buran acquired 1,500 shares of Flushing Financial stock in a transaction dated Wednesday, August 4th. The shares were purchased at an average cost of $22.22 per share, for a total transaction of $33,330.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders purchased 3,000 shares of company stock worth $66,345. 5.74% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in shares of Flushing Financial by 119.2% in the 1st quarter. Victory Capital Management Inc. now owns 368,007 shares of the bank’s stock worth $7,813,000 after purchasing an additional 200,126 shares during the period. IndexIQ Advisors LLC lifted its holdings in Flushing Financial by 17.6% in the first quarter. IndexIQ Advisors LLC now owns 18,437 shares of the bank’s stock worth $391,000 after buying an additional 2,760 shares during the period. Swiss National Bank boosted its position in Flushing Financial by 2.7% during the 1st quarter. Swiss National Bank now owns 58,023 shares of the bank’s stock valued at $1,232,000 after acquiring an additional 1,500 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Flushing Financial by 49.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 12,914 shares of the bank’s stock worth $274,000 after acquiring an additional 4,299 shares during the period. Finally, BlackRock Inc. raised its position in shares of Flushing Financial by 16.0% in the 1st quarter. BlackRock Inc. now owns 2,668,193 shares of the bank’s stock worth $56,645,000 after acquiring an additional 368,456 shares in the last quarter. Institutional investors and hedge funds own 67.91% of the company’s stock.
About Flushing Financial
Flushing Financial Corp. operates as a bank holding company for Flushing Savings Bank, which provides banking and financial services. Its principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans, construction loans, small business administration loans and other small business loans, mortgage loan, U.S.
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