Flushing Financial (NASDAQ:FFIC) Cut to “Sell” at Zacks Investment Research

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Zacks Investment Research downgraded shares of Flushing Financial (NASDAQ:FFIC) from a hold rating to a sell rating in a research note released on Monday 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 research analysts have also recently issued reports on FFIC. BidaskClub upgraded Flushing Financial from a strong sell rating to a sell rating in a research note on Thursday, May 28th. Keefe, Bruyette & Woods upgraded Flushing Financial from an underperform rating to a market perform rating in a research note on Wednesday, April 1st. Finally, ValuEngine cut Flushing Financial from a hold rating to a sell rating in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $18.33.

NASDAQ FFIC traded down $1.16 during trading on Monday, reaching $11.10. 7,746 shares of the company’s stock were exchanged, compared to its average volume of 132,614. Flushing Financial has a fifty-two week low of $8.86 and a fifty-two week high of $22.97. The business has a 50 day moving average price of $11.48 and a 200-day moving average price of $16.67. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $359.16 million, a P/E ratio of 9.66, a PEG ratio of 2.06 and a beta of 0.78.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Tuesday, April 28th. The bank reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. Flushing Financial had a return on equity of 7.65% and a net margin of 11.66%. The company had revenue of $37.96 million for the quarter, compared to the consensus estimate of $43.70 million. On average, analysts forecast that Flushing Financial will post 1.04 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 7.57%. The ex-dividend date is Thursday, June 11th. Flushing Financial’s payout ratio is 50.91%.

In related news, Director Sam Sang Ki Han acquired 3,500 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average cost of $11.66 per share, for a total transaction of $40,810.00. Following the completion of the acquisition, the director now directly owns 58,650 shares of the company’s stock, valued at approximately $683,859. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael A. Azarian acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $11.00 per share, with a total value of $55,000.00. Following the completion of the acquisition, the director now directly owns 13,900 shares of the company’s stock, valued at $152,900. The disclosure for this purchase can be found here. Insiders bought a total of 10,500 shares of company stock valued at $117,300 over the last quarter. 5.19% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Flushing Financial by 105.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,537 shares of the bank’s stock worth $34,000 after purchasing an additional 1,303 shares during the last quarter. Great West Life Assurance Co. Can purchased a new stake in shares of Flushing Financial during the 4th quarter worth approximately $51,000. BNP Paribas Arbitrage SA increased its stake in shares of Flushing Financial by 15.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,332 shares of the bank’s stock worth $111,000 after purchasing an additional 1,140 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Flushing Financial by 51.7% during the 1st quarter. SG Americas Securities LLC now owns 9,612 shares of the bank’s stock worth $128,000 after purchasing an additional 3,274 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Flushing Financial during the 1st quarter worth approximately $133,000. Institutional investors and hedge funds own 74.05% of the company’s stock.

About Flushing Financial

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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