Flushing Financial (NASDAQ:FFIC) Upgraded at Zacks Research

Zacks Research upgraded shares of Flushing Financial (NASDAQ:FFIC) from a strong sell rating to a hold rating in a report published on Monday,Zacks.com reports.

Flushing Financial Stock Performance

Shares of FFIC stock opened at $13.77 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.85. Flushing Financial has a 52 week low of $10.65 and a 52 week high of $18.59. The stock has a market capitalization of $465.15 million, a PE ratio of -11.57 and a beta of 0.83. The firm has a 50 day moving average of $12.77 and a two-hundred day moving average of $12.53.

Flushing Financial (NASDAQ:FFIC) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.32 EPS for the quarter, beating the consensus estimate of $0.29 by $0.03. Flushing Financial had a negative net margin of 7.13% and a positive return on equity of 4.45%. The company had revenue of $58.92 million during the quarter, compared to analysts’ expectations of $60.13 million. On average, research analysts predict that Flushing Financial will post 1.2 EPS for the current fiscal year.

Flushing Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Friday, September 5th. Flushing Financial’s dividend payout ratio (DPR) is currently -73.95%.

Hedge Funds Weigh In On Flushing Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its position in shares of Flushing Financial by 79.2% during the 1st quarter. CWM LLC now owns 24,000 shares of the bank’s stock worth $305,000 after purchasing an additional 10,610 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Flushing Financial by 28.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,853 shares of the bank’s stock worth $227,000 after purchasing an additional 3,934 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Flushing Financial during the 4th quarter worth $147,000. Y Intercept Hong Kong Ltd lifted its position in shares of Flushing Financial by 37.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 23,106 shares of the bank’s stock worth $293,000 after purchasing an additional 6,348 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Flushing Financial by 12.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 265,152 shares of the bank’s stock worth $3,367,000 after purchasing an additional 30,178 shares during the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

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, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.