Flushing Financial (FFIC) Stock Rating Lowered by Zacks Investment Research
Flushing Financial (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
A number of other analysts also recently issued reports on FFIC. BidaskClub downgraded Flushing Financial from a “hold” rating to a “sell” rating in a research report on Wednesday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $30.00 target price on shares of Flushing Financial in a research report on Sunday, October 8th. Sandler O’Neill downgraded Flushing Financial from a “buy” rating to a “hold” rating and set a $31.00 target price for the company. in a research report on Thursday, November 30th. They noted that the move was a valuation call. ValuEngine raised Flushing Financial from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $28.00 target price on shares of Flushing Financial in a research report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.25.
Flushing Financial (NASDAQ:FFIC) last released 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 during the quarter. equities analysts predict that Flushing Financial will post 1.81 EPS for the current fiscal year.
In other news, Director Sam Sang Ki Han sold 5,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $28.93, for a total value of $144,650.00. Following the completion of the transaction, the director now directly owns 41,066 shares of the company’s stock, valued at $1,188,039.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Sr Roe, Sr. sold 3,629 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $26.98, for a total value of $97,910.42. Following the completion of the transaction, the director now directly owns 66,434 shares of the company’s stock, valued at $1,792,389.32. The disclosure for this sale can be found here. Insiders sold 16,058 shares of company stock valued at $443,589 over the last ninety days. Corporate insiders own 4.86% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Flushing Financial by 13.3% in the second quarter. State Street Corp now owns 593,185 shares of the bank’s stock worth $16,725,000 after acquiring an additional 69,666 shares during the period. Susquehanna International Group LLP bought a new position in shares of Flushing Financial in the second quarter worth $522,000. Vanguard Group Inc. boosted its holdings in shares of Flushing Financial by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,365,993 shares of the bank’s stock worth $38,507,000 after acquiring an additional 42,787 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Flushing Financial by 5.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 135,543 shares of the bank’s stock worth $4,029,000 after acquiring an additional 7,382 shares during the period. Finally, OxFORD Asset Management LLP bought a new position in shares of Flushing Financial in the third quarter worth $298,000. 76.51% of the stock is owned by hedge funds and other institutional investors.
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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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