BidaskClub upgraded shares of Flushing Financial (NASDAQ:FFIC) from a sell rating to a hold rating in a research report report published on Tuesday morning.
A number of other research analysts have also recently commented on FFIC. Sandler O’Neill cut Flushing Financial from a buy rating to a hold rating and set a $31.00 price target for the company. in a research note on Thursday, November 30th. They noted that the move was a valuation call. Zacks Investment Research cut Flushing Financial from a hold rating to a sell rating in a research note on Wednesday, January 31st. Finally, ValuEngine upgraded Flushing Financial from a hold rating to a buy rating in a research note on Friday, December 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Flushing Financial presently has an average rating of Hold and an average target price of $30.25.
Shares of Flushing Financial (NASDAQ:FFIC) opened at $28.32 on Tuesday. The firm has a market capitalization of $810.94, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.44 and a beta of 1.06. Flushing Financial has a twelve month low of $24.27 and a twelve month high of $31.69. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 2.46.
Flushing Financial declared that its Board of Directors has approved a share buyback plan on Tuesday, February 27th that permits the company to repurchase 1,000,000 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.82%. This is a boost from Flushing Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, March 8th. Flushing Financial’s dividend payout ratio is presently 35.56%.
In other news, Director Donna M. Obrien sold 6,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $27.73, for a total value of $166,380.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.86% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Martin & Co. Inc. TN lifted its stake in shares of Flushing Financial by 3.4% in the 4th quarter. Martin & Co. Inc. TN now owns 61,963 shares of the bank’s stock valued at $1,704,000 after acquiring an additional 2,025 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Flushing Financial by 0.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 685,178 shares of the bank’s stock worth $18,843,000 after purchasing an additional 2,089 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Flushing Financial by 12.4% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 30,419 shares of the bank’s stock worth $904,000 after purchasing an additional 3,349 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its position in Flushing Financial by 9.0% during the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 48,407 shares of the bank’s stock worth $1,330,000 after purchasing an additional 4,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Flushing Financial during the 3rd quarter worth $135,000. Institutional investors own 80.59% of the company’s stock.
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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