Flushing Financial (FFIC) Downgraded by Zacks Investment Research to Strong Sell

Flushing Financial (NASDAQ:FFIC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.

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. “

Several other research analysts have also recently commented on FFIC. BidaskClub cut Flushing Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Sandler O’Neill raised Flushing Financial from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Thursday, February 15th. ValuEngine lowered Flushing Financial from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Finally, Gabelli raised Flushing Financial from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Thursday, April 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.00.

Flushing Financial opened at $26.71 on Wednesday, Marketbeat.com reports. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.15 and a current ratio of 1.15. Flushing Financial has a one year low of $25.85 and a one year high of $26.19. The stock has a market capitalization of $744.99 million, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.33 and a beta of 1.04.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings results on Tuesday, April 24th. The bank reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.07). Flushing Financial had a return on equity of 8.36% and a net margin of 16.24%. The business had revenue of $45.81 million during the quarter. equities research analysts predict that Flushing Financial will post 1.89 earnings per share for the current year.

Flushing Financial announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 27th that permits the company to repurchase 1,000,000 shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Francis W. Korzekwinski sold 3,300 shares of the business’s stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $26.46, for a total value of $87,318.00. Following the completion of the sale, the insider now directly owns 75,515 shares of the company’s stock, valued at $1,998,126.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders purchased 900 shares of company stock valued at $23,321. 5.01% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Flushing Financial during the first quarter valued at approximately $210,000. Teacher Retirement System of Texas bought a new position in shares of Flushing Financial during the fourth quarter valued at approximately $263,000. Schroder Investment Management Group grew its holdings in shares of Flushing Financial by 96.1% during the fourth quarter. Schroder Investment Management Group now owns 12,021 shares of the bank’s stock valued at $331,000 after purchasing an additional 5,891 shares during the last quarter. Citadel Advisors LLC grew its holdings in shares of Flushing Financial by 70.0% during the first quarter. Citadel Advisors LLC now owns 12,405 shares of the bank’s stock valued at $334,000 after purchasing an additional 5,109 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Flushing Financial during the first quarter valued at approximately $339,000. 80.52% of the stock is owned by hedge funds and other institutional investors.

About Flushing Financial

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. The company offers various deposit products, including checking and savings accounts, money market accounts, demand accounts, NOW accounts, and certificates of deposit.

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