Bank of New York Mellon Corp trimmed its holdings in shares of Flushing Financial Co. (NASDAQ:FFIC) by 3.0% in the fourth quarter, HoldingsChannel reports. The firm owned 205,997 shares of the bank’s stock after selling 6,304 shares during the period. Bank of New York Mellon Corp’s holdings in Flushing Financial were worth $5,665,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Flushing Financial during the 3rd quarter worth approximately $135,000. Teacher Retirement System of Texas purchased a new position in shares of Flushing Financial during the 4th quarter worth approximately $263,000. OxFORD Asset Management LLP purchased a new position in shares of Flushing Financial during the 3rd quarter worth approximately $298,000. GSA Capital Partners LLP purchased a new position in shares of Flushing Financial during the 3rd quarter worth approximately $430,000. Finally, Fusion Family Wealth LLC purchased a new position in shares of Flushing Financial during the 4th quarter worth approximately $839,000. 80.59% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on FFIC. BidaskClub raised shares of Flushing Financial from a “hold” rating to a “buy” rating in a research note on Wednesday. ValuEngine lowered shares of Flushing Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded shares of Flushing Financial from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, March 26th. Finally, Sandler O’Neill upgraded shares of Flushing Financial from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Thursday, February 15th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $29.75.
In related news, Director Donna M. Obrien sold 6,000 shares of the firm’s 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.86% of the stock is currently owned by company insiders.
Shares of NASDAQ FFIC opened at $27.01 on Friday. Flushing Financial Co. has a 1 year low of $24.27 and a 1 year high of $31.69. The company has a market cap of $788.31, a P/E ratio of 17.20, a PEG ratio of 1.40 and a beta of 1.01. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 2.46.
Flushing Financial (NASDAQ:FFIC) last announced its earnings results on Tuesday, January 30th. The bank reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.09). Flushing Financial had a return on equity of 8.59% and a net margin of 16.79%. The firm had revenue of $46.12 million for the quarter. sell-side analysts anticipate that Flushing Financial Co. will post 1.99 earnings per share for the current year.
The company also recently announced 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 was Thursday, March 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.96%. This is a positive change from Flushing Financial’s previous quarterly dividend of $0.18. Flushing Financial’s dividend payout ratio (DPR) is 50.96%.
Flushing Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 27th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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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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