Flushing Financial (NASDAQ:FFIC) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Flushing Financial (NASDAQ:FFIC) from a strong sell rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Flushing Financial Price Performance

Flushing Financial stock opened at $13.77 on Monday. The stock has a market cap of $465.15 million, a P/E ratio of -11.57 and a beta of 0.83. The company has a fifty day simple moving average of $12.77 and a 200-day simple moving average of $12.53. Flushing Financial has a 12-month low of $10.65 and a 12-month high of $18.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.85.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. Flushing Financial had a negative net margin of 7.13% and a positive return on equity of 4.45%. The business had revenue of $58.92 million during the quarter, compared to analysts’ expectations of $60.13 million. Equities analysts expect that Flushing Financial will post 1.2 EPS for the current fiscal year.

Flushing Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 6.4%. The ex-dividend date is Friday, September 5th. Flushing Financial’s dividend payout ratio (DPR) is currently -73.95%.

Institutional Investors Weigh In On Flushing Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Flushing Financial by 4.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,813 shares of the bank’s stock worth $226,000 after acquiring an additional 684 shares in the last quarter. First Trust Advisors LP raised its stake in Flushing Financial by 5.1% during the 2nd quarter. First Trust Advisors LP now owns 21,621 shares of the bank’s stock worth $257,000 after acquiring an additional 1,049 shares in the last quarter. Royal Bank of Canada raised its stake in Flushing Financial by 9.1% during the 1st quarter. Royal Bank of Canada now owns 17,472 shares of the bank’s stock worth $222,000 after acquiring an additional 1,453 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Flushing Financial by 75.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,847 shares of the bank’s stock worth $46,000 after acquiring an additional 1,650 shares in the last quarter. Finally, Corebridge Financial Inc. raised its stake in Flushing Financial by 14.1% during the 1st quarter. Corebridge Financial Inc. now owns 15,627 shares of the bank’s stock worth $198,000 after acquiring an additional 1,931 shares in the last quarter. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.