Flushing Financial (NASDAQ:FFIC) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Flushing Financial (NASDAQ:FFIC) issued its quarterly earnings data on Tuesday. The bank reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01), Yahoo Finance reports. Flushing Financial had a return on equity of 4.31% and a net margin of 6.81%. The business had revenue of $112.58 million for the quarter, compared to analysts’ expectations of $47.12 million. During the same period in the previous year, the firm posted $0.10 EPS.

Flushing Financial Price Performance

Shares of Flushing Financial stock opened at $11.68 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.26. The company has a market cap of $339.54 million, a PE ratio of 11.68 and a beta of 0.73. The business has a 50 day moving average of $12.32 and a 200 day moving average of $13.83. Flushing Financial has a 52 week low of $9.28 and a 52 week high of $18.00.

Flushing Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Monday, March 11th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, March 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.53%. Flushing Financial’s dividend payout ratio is presently 88.00%.

Insider Activity at Flushing Financial

In related news, EVP Francis W. Korzekwinski sold 7,649 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $12.61, for a total transaction of $96,453.89. Following the completion of the transaction, the executive vice president now owns 73,493 shares in the company, valued at $926,746.73. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Flushing Financial news, EVP Thomas Buonaiuto sold 19,000 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $13.21, for a total value of $250,990.00. Following the completion of the transaction, the executive vice president now owns 32,391 shares in the company, valued at $427,885.11. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Francis W. Korzekwinski sold 7,649 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $12.61, for a total value of $96,453.89. Following the completion of the transaction, the executive vice president now owns 73,493 shares of the company’s stock, valued at approximately $926,746.73. The disclosure for this sale can be found here. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on FFIC shares. Raymond James boosted their price objective on Flushing Financial from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. DA Davidson cut their target price on Flushing Financial from $17.00 to $13.50 and set a “neutral” rating for the company in a research note on Tuesday, March 5th. Finally, Keefe, Bruyette & Woods cut their target price on Flushing Financial from $15.50 to $14.00 and set a “market perform” rating for the company in a research note on Friday, April 5th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.50.

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.