Zacks Investment Research Lowers Flushing Financial (NASDAQ:FFIC) to Hold

Zacks Investment Research lowered shares of Flushing Financial (NASDAQ:FFIC) from a buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

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. “

Several other equities analysts have also recently issued reports on FFIC. Gabelli reaffirmed a buy rating on shares of Flushing Financial in a research report on Thursday, May 2nd. ValuEngine raised WEX from a hold rating to a buy rating in a research report on Thursday, June 13th. Finally, BidaskClub cut Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $27.17.

Shares of FFIC opened at $22.25 on Tuesday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average of $21.59. Flushing Financial has a 52 week low of $20.27 and a 52 week high of $27.32. The company has a market cap of $626.04 million, a PE ratio of 11.47, a P/E/G ratio of 3.21 and a beta of 0.87.

Flushing Financial (NASDAQ:FFIC) last issued its quarterly earnings results on Tuesday, April 30th. The bank reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The company had revenue of $42.75 million during the quarter, compared to the consensus estimate of $43.70 million. Flushing Financial had a return on equity of 9.93% and a net margin of 18.51%. As a group, sell-side analysts forecast that Flushing Financial will post 1.73 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, June 13th. This represents a $0.84 annualized dividend and a dividend yield of 3.78%. Flushing Financial’s payout ratio is 43.30%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Flushing Financial by 222.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,657 shares of the bank’s stock valued at $124,000 after buying an additional 3,902 shares during the period. SG Americas Securities LLC bought a new position in shares of Flushing Financial during the 1st quarter valued at $164,000. Metropolitan Life Insurance Co. NY increased its stake in shares of Flushing Financial by 344.1% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,526 shares of the bank’s stock worth $205,000 after purchasing an additional 7,381 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Flushing Financial by 9.7% in the 4th quarter. Legal & General Group Plc now owns 9,740 shares of the bank’s stock worth $210,000 after purchasing an additional 858 shares in the last quarter. Finally, Citigroup Inc. increased its stake in shares of Flushing Financial by 13.9% in the 4th quarter. Citigroup Inc. now owns 11,507 shares of the bank’s stock worth $247,000 after purchasing an additional 1,403 shares in the last quarter. 77.01% of the stock is currently owned by hedge funds and other institutional investors.

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, demand accounts, NOW accounts, and certificates of deposit.

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