Flushing Financial (FFIC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Flushing Financial (NASDAQ:FFIC) from a buy rating to a hold rating in a report released on Wednesday.

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. “

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FFIC has been the subject of a number of other research reports. Sandler O’Neill upgraded shares of Flushing Financial from a hold rating to a buy rating and set a $31.00 price objective for the company in a report on Thursday, February 15th. BidaskClub cut shares of Flushing Financial from a hold rating to a sell rating in a research note on Wednesday, January 31st. Finally, ValuEngine cut shares of Flushing Financial from a buy rating to a hold rating in a research note on Monday, April 2nd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $29.75.

FFIC stock opened at $27.01 on Wednesday. The stock has a market capitalization of $788.31, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.40 and a beta of 1.01. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.19 and a quick ratio of 1.19. Flushing Financial has a 12 month low of $24.27 and a 12 month high of $31.69.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings data on Tuesday, January 30th. The bank reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.09). The business had revenue of $46.12 million during the quarter. Flushing Financial had a net margin of 16.79% and a return on equity of 8.59%. sell-side analysts expect that Flushing Financial will post 1.99 earnings per share for the current year.

Flushing Financial announced that its board has authorized a stock repurchase plan on Tuesday, February 27th that permits the company to repurchase 1,000,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 9th were paid a $0.20 dividend. This is a boost from Flushing Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, March 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.96%. Flushing Financial’s dividend payout ratio is 50.96%.

In other 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 value of $166,380.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.86% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Martin & Co. Inc. TN grew its stake in shares of Flushing Financial by 3.4% in the 4th quarter. Martin & Co. Inc. TN now owns 61,963 shares of the bank’s stock valued at $1,704,000 after buying an additional 2,025 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Flushing Financial by 0.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 685,178 shares of the bank’s stock valued at $18,843,000 after buying an additional 2,089 shares during the period. Cornerstone Capital Management Holdings LLC. grew its stake in shares of Flushing Financial by 9.0% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 48,407 shares of the bank’s stock valued at $1,330,000 after buying an additional 4,000 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Flushing Financial in the 3rd quarter valued at approximately $135,000. Finally, Schroder Investment Management Group grew its stake in shares of Flushing Financial by 96.1% in the 4th quarter. Schroder Investment Management Group now owns 12,021 shares of the bank’s stock valued at $331,000 after buying an additional 5,891 shares during the period. 80.59% of the stock is owned by institutional investors and hedge funds.

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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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