Russell Investments Group Ltd. reduced its stake in shares of Flushing Financial Co. (NASDAQ:FFIC) by 58.6% during the second quarter, Holdings Channel reports. The institutional investor owned 24,978 shares of the bank’s stock after selling 35,378 shares during the quarter. Russell Investments Group Ltd.’s holdings in Flushing Financial were worth $535,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Captrust Financial Advisors bought a new position in shares of Flushing Financial during the first quarter valued at about $38,000. Quantbot Technologies LP grew its stake in shares of Flushing Financial by 21.2% in the first quarter. Quantbot Technologies LP now owns 2,853 shares of the bank’s stock worth $60,000 after purchasing an additional 500 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of Flushing Financial in the first quarter worth about $64,000. Royal Bank of Canada grew its stake in shares of Flushing Financial by 11.2% in the first quarter. Royal Bank of Canada now owns 10,116 shares of the bank’s stock worth $215,000 after purchasing an additional 1,018 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Flushing Financial in the first quarter worth about $238,000. 67.91% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO John R. Buran bought 1,500 shares of the business’s stock in a transaction on Wednesday, August 4th. The stock was acquired at an average price of $22.22 per share, with a total value of $33,330.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders acquired 3,000 shares of company stock valued at $66,345. 5.74% of the stock is currently owned by insiders.
Flushing Financial (NASDAQ:FFIC) last announced its quarterly earnings data on Monday, July 26th. The bank reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.04). Flushing Financial had a return on equity of 11.83% and a net margin of 20.03%. The firm had revenue of $57.83 million during the quarter, compared to analysts’ expectations of $65.00 million. As a group, sell-side analysts forecast that Flushing Financial Co. will post 2.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 3rd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, September 2nd. Flushing Financial’s dividend payout ratio (DPR) is presently 49.41%.
FFIC has been the topic of several recent analyst reports. DA Davidson reissued a “neutral” rating on shares of Flushing Financial in a research note on Tuesday, June 29th. Zacks Investment Research lowered shares of Flushing Financial from a “hold” rating to a “sell” rating in a report on Tuesday, August 10th.
About Flushing Financial
Flushing Financial Corp. operates as a bank holding company for Flushing Savings Bank, which provides banking and financial services. Its principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans, construction loans, small business administration loans and other small business loans, mortgage loan, U.S.
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