Flushing Financial (NASDAQ:FFIC) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Flushing Financial (NASDAQ:FFIC) from a hold rating to a sell rating in a research report released on Friday, July 27th.

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. “

A number of other equities research analysts also recently commented on the stock. BidaskClub downgraded shares of Flushing Financial from a hold rating to a sell rating in a research report on Friday, July 27th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $26.50 target price on shares of Flushing Financial in a research report on Thursday, July 26th. Sandler O’Neill reaffirmed a buy rating and issued a $30.00 target price on shares of Flushing Financial in a research report on Thursday, July 26th. ValuEngine downgraded shares of Flushing Financial from a hold rating to a sell rating in a research report on Thursday, May 3rd. Finally, Gabelli raised shares of Flushing Financial from a hold rating to a buy rating and set a $31.00 target price on the stock in a research report on Thursday, April 26th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $29.10.

Shares of NASDAQ:FFIC traded up $0.02 during trading hours on Friday, reaching $25.34. The stock had a trading volume of 38,324 shares, compared to its average volume of 52,832. Flushing Financial has a 1 year low of $24.59 and a 1 year high of $31.45. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 2.32. The company has a market cap of $716.44 million, a PE ratio of 16.23, a P/E/G ratio of 1.22 and a beta of 0.95.

Flushing Financial (NASDAQ:FFIC) last announced its quarterly earnings data on Tuesday, July 24th. The bank reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.01. Flushing Financial had a net margin of 16.32% and a return on equity of 8.45%. The company had revenue of $45.81 million for the quarter, compared to the consensus estimate of $45.10 million. equities research analysts expect that Flushing Financial will post 1.86 EPS for the current year.

In related news, insider Francis W. Korzekwinski sold 3,300 shares of the stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $26.46, for a total value of $87,318.00. Following the transaction, the insider now directly owns 75,515 shares of the company’s stock, valued at approximately $1,998,126.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 1,000 shares of company stock worth $25,273 over the last ninety days. Insiders own 5.01% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Citadel Advisors LLC boosted its stake in Flushing Financial by 56.6% during the 2nd quarter. Citadel Advisors LLC now owns 19,421 shares of the bank’s stock worth $506,000 after purchasing an additional 7,016 shares during the period. Teton Advisors Inc. boosted its stake in Flushing Financial by 0.8% during the 2nd quarter. Teton Advisors Inc. now owns 624,372 shares of the bank’s stock worth $16,296,000 after purchasing an additional 5,002 shares during the period. Gamco Investors INC. ET AL boosted its stake in Flushing Financial by 2.5% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,115,367 shares of the bank’s stock worth $29,111,000 after purchasing an additional 27,321 shares during the period. Gabelli Funds LLC boosted its stake in Flushing Financial by 0.8% during the 2nd quarter. Gabelli Funds LLC now owns 542,593 shares of the bank’s stock worth $14,162,000 after purchasing an additional 4,500 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Flushing Financial by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,401,298 shares of the bank’s stock worth $62,674,000 after purchasing an additional 18,321 shares during the period. Hedge funds and other institutional investors own 76.72% 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. 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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