Flushing Financial Co. (NASDAQ:FFIC) Sees Large Decline in Short Interest

Flushing Financial Co. (NASDAQ:FFIC) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 181,000 shares, a decrease of 52.8% from the December 15th total of 383,700 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 113,000 shares, the days-to-cover ratio is presently 1.6 days.

Separately, Zacks Investment Research cut Flushing Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 29th.

FFIC opened at $25.88 on Friday. Flushing Financial has a 1-year low of $17.92 and a 1-year high of $25.90. The stock’s fifty day simple moving average is $24.37 and its 200 day simple moving average is $23.15. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.13. The stock has a market cap of $794.00 million, a PE ratio of 12.15 and a beta of 0.79.

Flushing Financial (NASDAQ:FFIC) last issued its quarterly earnings data on Monday, October 25th. The bank reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.16. Flushing Financial had a return on equity of 13.26% and a net margin of 23.28%. The firm had revenue of $64.23 million for the quarter, compared to analyst estimates of $62.00 million. During the same period in the prior year, the firm posted $0.56 EPS. Equities analysts forecast that Flushing Financial will post 2.83 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 31st. Investors of record on Friday, December 10th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Thursday, December 9th. This represents a $0.84 annualized dividend and a dividend yield of 3.25%. Flushing Financial’s dividend payout ratio is currently 39.44%.

In related news, CEO John R. Buran purchased 1,800 shares of the business’s stock in a transaction dated Monday, November 29th. The shares were bought at an average price of $23.77 per share, with a total value of $42,786.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.19% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the stock. Palouse Capital Management Inc. boosted its stake in shares of Flushing Financial by 4.0% during the third quarter. Palouse Capital Management Inc. now owns 13,624 shares of the bank’s stock valued at $308,000 after purchasing an additional 530 shares in the last quarter. Boston Partners raised its holdings in Flushing Financial by 1.3% in the 2nd quarter. Boston Partners now owns 75,159 shares of the bank’s stock valued at $1,611,000 after buying an additional 951 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Flushing Financial by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,333 shares of the bank’s stock worth $371,000 after buying an additional 1,102 shares during the period. Martin & Co. Inc. TN grew its holdings in Flushing Financial by 2.0% during the 3rd quarter. Martin & Co. Inc. TN now owns 59,941 shares of the bank’s stock worth $1,355,000 after acquiring an additional 1,195 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in Flushing Financial by 15.1% during the 3rd quarter. Royal Bank of Canada now owns 11,710 shares of the bank’s stock worth $265,000 after acquiring an additional 1,539 shares during the last quarter. Institutional investors and hedge funds own 68.51% of the company’s stock.

Flushing Financial Company Profile

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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