Flushing Financial (NASDAQ:FFIC) Trading Up 14.6% – Here’s What Happened

Shares of Flushing Financial Co. (NASDAQ:FFIC) were up 14.6% on Wednesday . The stock traded as high as $17.87 and last traded at $17.72. Approximately 155,270 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 180,931 shares. The stock had previously closed at $15.46.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FFIC. Raymond James increased their price objective on shares of Flushing Financial from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods increased their price objective on shares of Flushing Financial from $13.00 to $15.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Piper Sandler downgraded shares of Flushing Financial from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $15.00 to $16.50 in a research note on Tuesday, July 30th. Finally, StockNews.com upgraded shares of Flushing Financial from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.50.

Flushing Financial Stock Up 16.7 %

The company has a market capitalization of $524.42 million, a price-to-earnings ratio of 20.74 and a beta of 0.75. The stock’s fifty day simple moving average is $14.60 and its two-hundred day simple moving average is $13.62. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.01 and a quick ratio of 1.01.

Flushing Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.88%. Flushing Financial’s dividend payout ratio (DPR) is 101.15%.

Insider Buying and Selling

In related news, Director Sam Sang Ki Han sold 10,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $15.47, for a total value of $154,700.00. Following the sale, the director now owns 67,251 shares of the company’s stock, valued at $1,040,372.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Flushing Financial news, Director Sam Sang Ki Han sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $15.47, for a total transaction of $154,700.00. Following the transaction, the director now owns 67,251 shares of the company’s stock, valued at approximately $1,040,372.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Astrid Burrowes sold 8,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $16.19, for a total transaction of $129,520.00. Following the transaction, the chief accounting officer now directly owns 34,853 shares in the company, valued at approximately $564,270.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,500 shares of company stock valued at $344,925 in the last quarter. Company insiders own 6.31% of the company’s stock.

Hedge Funds Weigh In On Flushing Financial

Several large investors have recently bought and sold shares of the stock. Empowered Funds LLC increased its stake in Flushing Financial by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 92,312 shares of the bank’s stock valued at $1,346,000 after buying an additional 4,690 shares during the period. GSA Capital Partners LLP boosted its position in shares of Flushing Financial by 59.3% during the 3rd quarter. GSA Capital Partners LLP now owns 107,142 shares of the bank’s stock valued at $1,562,000 after purchasing an additional 39,872 shares in the last quarter. EMC Capital Management boosted its position in shares of Flushing Financial by 163.0% during the 3rd quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock valued at $334,000 after purchasing an additional 14,195 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Flushing Financial by 4,000.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,050 shares of the bank’s stock valued at $30,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Flushing Financial during the 3rd quarter valued at about $196,000. Institutional investors and hedge funds own 67.10% of the company’s stock.

Flushing Financial Company Profile

Flushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.