Flushing Financial (NASDAQ:FFIC) Posts Earnings Results, Misses Expectations By $0.03 EPS

Flushing Financial (NASDAQ:FFIC) posted its earnings results on Tuesday. The bank reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03), FiscalAI reports. Flushing Financial had a return on equity of 5.95% and a net margin of 3.86%.The business had revenue of $56.98 million during the quarter, compared to the consensus estimate of $61.56 million.

Flushing Financial Trading Down 0.4%

Flushing Financial stock traded down $0.07 during midday trading on Wednesday, reaching $16.29. The stock had a trading volume of 38,572 shares, compared to its average volume of 293,224. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.68. Flushing Financial has a 52-week low of $11.13 and a 52-week high of $17.79. The firm has a market cap of $552.04 million, a price-to-earnings ratio of 30.13 and a beta of 0.79. The company has a fifty day moving average of $15.68 and a 200 day moving average of $15.58.

Flushing Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Investors of record on Friday, April 10th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Friday, April 10th. Flushing Financial’s dividend payout ratio is 162.96%.

Insiders Place Their Bets

In other Flushing Financial news, EVP Thomas Buonaiuto sold 1,570 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $16.20, for a total value of $25,434.00. Following the transaction, the executive vice president directly owned 35,469 shares in the company, valued at $574,597.80. This represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flushing Financial

A number of hedge funds have recently added to or reduced their stakes in FFIC. Royal Bank of Canada grew its stake in Flushing Financial by 9.1% in the 1st quarter. Royal Bank of Canada now owns 17,472 shares of the bank’s stock worth $222,000 after acquiring an additional 1,453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Flushing Financial by 19.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,875 shares of the bank’s stock worth $240,000 after acquiring an additional 3,062 shares in the last quarter. Millennium Management LLC grew its stake in Flushing Financial by 104.3% in the 1st quarter. Millennium Management LLC now owns 523,080 shares of the bank’s stock worth $6,643,000 after acquiring an additional 267,013 shares in the last quarter. Empowered Funds LLC grew its stake in Flushing Financial by 8.5% in the 1st quarter. Empowered Funds LLC now owns 102,944 shares of the bank’s stock worth $1,307,000 after acquiring an additional 8,036 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Flushing Financial by 14.9% in the 2nd quarter. Rhumbline Advisers now owns 51,306 shares of the bank’s stock worth $610,000 after acquiring an additional 6,645 shares in the last quarter. 67.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FFIC shares. Raymond James Financial downgraded shares of Flushing Financial from a “moderate buy” rating to a “hold” rating in a report on Wednesday, December 31st. Weiss Ratings raised shares of Flushing Financial from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, March 9th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Flushing Financial from $14.50 to $16.80 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Flushing Financial currently has a consensus rating of “Hold” and an average price target of $16.80.

About Flushing Financial

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank’s growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company’s primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.