Mendon Capital Advisors Corp Sells 114,850 Shares of Flushing Financial Corporation $FFIC

Key Points

• Mendon Capital Advisors Corp has decreased its stake in Flushing Financial Corporation by 32.8%, selling 114,850 shares, bringing its total ownership to 235,150 shares.
• Flushing Financial plans to pay a quarterly dividend of $0.22 on September 26th, resulting in an annualized dividend yield of 6.4%.
• According to Zacks Research, Flushing Financial's rating has been upgraded from a "strong sell" to a "hold," indicating a consensus rating of "Hold" among analysts.

Mendon Capital Advisors Corp reduced its stake in Flushing Financial Corporation (NASDAQ:FFIC - Free Report) by 32.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 235,150 shares of the bank's stock after selling 114,850 shares during the quarter. Flushing Financial accounts for approximately 1.5% of Mendon Capital Advisors Corp's portfolio, making the stock its 22nd largest holding. Mendon Capital Advisors Corp owned 0.70% of Flushing Financial worth $2,986,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Flushing Financial by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,813 shares of the bank's stock valued at $226,000 after acquiring an additional 684 shares during the last quarter. Royal Bank of Canada grew its holdings in Flushing Financial by 9.1% during the first quarter. Royal Bank of Canada now owns 17,472 shares of the bank's stock valued at $222,000 after purchasing an additional 1,453 shares during the period. Corebridge Financial Inc. increased its position in Flushing Financial by 14.1% in the first quarter. Corebridge Financial Inc. now owns 15,627 shares of the bank's stock worth $198,000 after buying an additional 1,931 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Flushing Financial by 28.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,853 shares of the bank's stock valued at $227,000 after buying an additional 3,934 shares during the period. Finally, Occudo Quantitative Strategies LP raised its stake in Flushing Financial by 53.4% in the 4th quarter. Occudo Quantitative Strategies LP now owns 15,960 shares of the bank's stock valued at $228,000 after acquiring an additional 5,557 shares during the period. Hedge funds and other institutional investors own 67.10% of the company's stock.

Flushing Financial Price Performance

Flushing Financial stock traded down $0.14 during midday trading on Monday, hitting $13.96. 112,401 shares of the company's stock were exchanged, compared to its average volume of 275,260. The company has a market cap of $471.57 million, a P/E ratio of -11.73 and a beta of 0.83. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50-day moving average price of $12.82 and a two-hundred day moving average price of $12.51. Flushing Financial Corporation has a 52-week low of $10.65 and a 52-week high of $18.59.

Flushing Financial (NASDAQ:FFIC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. The firm had revenue of $58.92 million during the quarter, compared to the consensus estimate of $60.13 million. Flushing Financial had a positive return on equity of 4.45% and a negative net margin of 7.13%. On average, equities research analysts forecast that Flushing Financial Corporation will post 1.2 earnings per share for the current year.

Flushing Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Friday, September 5th. Flushing Financial's dividend payout ratio is currently -73.95%.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of Flushing Financial from a "strong sell" rating to a "hold" rating in a report on Monday, September 8th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold".

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.