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. “
FFIC has been the topic of a number of other research reports. ValuEngine cut shares of Flushing Financial from a “hold” rating to a “sell” rating in a report on Thursday, June 13th. BidaskClub raised shares of Flushing Financial from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. Sandler O’Neill cut shares of Flushing Financial from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, TheStreet cut shares of Flushing Financial from a “b-” rating to a “c+” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $25.00.
Flushing Financial (NASDAQ:FFIC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). Flushing Financial had a net margin of 16.94% and a return on equity of 9.44%. The firm had revenue of $42.46 million during the quarter, compared to analyst estimates of $45.20 million. Sell-side analysts predict that Flushing Financial will post 1.6 EPS for the current fiscal year.
In related news, CEO John R. Buran acquired 2,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $19.19 per share, with a total value of $38,380.00. Following the completion of the acquisition, the chief executive officer now owns 107,230 shares in the company, valued at $2,057,743.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have acquired 2,400 shares of company stock worth $46,034. 5.19% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Teton Advisors Inc. grew its position in shares of Flushing Financial by 6.0% during the second quarter. Teton Advisors Inc. now owns 665,572 shares of the bank’s stock worth $14,776,000 after acquiring an additional 37,380 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Flushing Financial by 4.4% during the second quarter. Renaissance Technologies LLC now owns 593,860 shares of the bank’s stock worth $13,184,000 after acquiring an additional 25,200 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Flushing Financial by 100.0% during the second quarter. Nisa Investment Advisors LLC now owns 1,400 shares of the bank’s stock worth $31,000 after acquiring an additional 700 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Flushing Financial by 94.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,532 shares of the bank’s stock worth $341,000 after acquiring an additional 7,557 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Flushing Financial during the second quarter worth approximately $337,000. 76.68% of the stock is currently owned by institutional investors.
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, demand accounts, NOW accounts, and certificates of deposit.
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