Flushing Financial (NASDAQ:FFIC) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Flushing Financial Corporation (NASDAQ:FFIC)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.85 and traded as high as $16.69. Flushing Financial shares last traded at $16.68, with a volume of 513,082 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Zacks Research cut Flushing Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods raised their target price on shares of Flushing Financial from $14.50 to $16.80 and gave the stock a “market perform” rating in a report on Thursday, January 29th. Raymond James Financial cut shares of Flushing Financial from a “moderate buy” rating to a “hold” rating in a report on Wednesday, December 31st. Wall Street Zen downgraded shares of Flushing Financial from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Flushing Financial in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Flushing Financial presently has a consensus rating of “Reduce” and an average price target of $16.80.

Flushing Financial Stock Up 0.7%

The stock’s fifty day moving average price is $16.13 and its 200-day moving average price is $14.85. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $563.45 million, a price-to-earnings ratio of 30.89 and a beta of 0.83.

Flushing Financial (NASDAQ:FFIC) last released its earnings results on Tuesday, January 27th. The bank reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Flushing Financial had a net margin of 3.86% and a return on equity of 5.96%. The business had revenue of $58.81 million during the quarter, compared to the consensus estimate of $62.27 million. On average, sell-side analysts predict that Flushing Financial Corporation will post 1.2 earnings per share for the current fiscal year.

Flushing Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.88 annualized dividend and a yield of 5.3%. Flushing Financial’s dividend payout ratio is 162.96%.

Insiders Place Their Bets

In other Flushing Financial news, EVP Thomas Buonaiuto sold 1,570 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $16.20, for a total transaction of $25,434.00. Following the transaction, the executive vice president owned 35,469 shares of the company’s stock, valued at $574,597.80. The trade was a 4.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flushing Financial

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of Flushing Financial by 9.1% in the 1st quarter. Royal Bank of Canada now owns 17,472 shares of the bank’s stock valued at $222,000 after acquiring an additional 1,453 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Flushing Financial by 19.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,875 shares of the bank’s stock valued at $240,000 after purchasing an additional 3,062 shares during the last quarter. Millennium Management LLC grew its holdings in Flushing Financial by 104.3% during the first quarter. Millennium Management LLC now owns 523,080 shares of the bank’s stock worth $6,643,000 after purchasing an additional 267,013 shares during the period. Empowered Funds LLC grew its holdings in Flushing Financial by 8.5% during the first quarter. Empowered Funds LLC now owns 102,944 shares of the bank’s stock worth $1,307,000 after purchasing an additional 8,036 shares during the period. Finally, AlphaQuest LLC increased its position in Flushing Financial by 102,390.5% during the second quarter. AlphaQuest LLC now owns 21,523 shares of the bank’s stock worth $256,000 after buying an additional 21,502 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors and hedge funds.

Flushing Financial Company Profile

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank’s growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company’s primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.