Patriot Financial Partners GP LP Has $7.30 Million Holdings in Flushing Financial Corporation $FFIC

Key Points

• Patriot Financial Partners GP LP increased its stake in Flushing Financial Corporation by 21.1%, owning 575,000 shares after acquiring an additional 100,000 shares.
• The recent quarterly earnings report showed Flushing Financial with $0.32 EPS, exceeding expectations, though revenue came in lower than anticipated at $58.92 million.
• Flushing Financial declared a quarterly dividend of $0.22 per share, resulting in an annualized dividend yield of 7.0%.

Patriot Financial Partners GP LP grew its position in Flushing Financial Corporation (NASDAQ:FFIC - Free Report) by 21.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 575,000 shares of the bank's stock after purchasing an additional 100,000 shares during the period. Flushing Financial makes up approximately 2.5% of Patriot Financial Partners GP LP's investment portfolio, making the stock its 9th largest holding. Patriot Financial Partners GP LP owned 1.70% of Flushing Financial worth $7,302,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FFIC. Vanguard Group Inc. lifted its stake in Flushing Financial by 9.3% in the 1st quarter. Vanguard Group Inc. now owns 1,895,886 shares of the bank's stock valued at $24,078,000 after acquiring an additional 161,133 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Flushing Financial by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,755,762 shares of the bank's stock valued at $25,072,000 after purchasing an additional 36,845 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Flushing Financial by 153.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 825,708 shares of the bank's stock valued at $11,791,000 after purchasing an additional 499,821 shares during the last quarter. Invesco Ltd. lifted its position in shares of Flushing Financial by 57.7% in the first quarter. Invesco Ltd. now owns 541,904 shares of the bank's stock worth $6,882,000 after purchasing an additional 198,233 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Flushing Financial by 9.2% during the fourth quarter. Renaissance Technologies LLC now owns 381,760 shares of the bank's stock worth $5,452,000 after purchasing an additional 32,160 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors.

Flushing Financial Stock Performance

NASDAQ FFIC traded up $0.04 on Tuesday, hitting $12.85. 143,111 shares of the stock were exchanged, compared to its average volume of 287,841. The company has a market capitalization of $434.07 million, a PE ratio of -10.80 and a beta of 0.84. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.94 and a quick ratio of 0.94. The business's fifty day moving average is $12.22 and its 200 day moving average is $12.64. 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 released its quarterly earnings data on Thursday, July 24th. The bank reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. The company had revenue of $58.92 million for the quarter, compared to analyst estimates of $60.13 million. Flushing Financial had a negative net margin of 7.13% and a positive return on equity of 4.45%. Research analysts anticipate that Flushing Financial Corporation will post 1.2 EPS for the current fiscal year.

Flushing Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend was Friday, June 13th. Flushing Financial's dividend payout ratio (DPR) is presently -73.95%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Flushing Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 8th.

Flushing Financial 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.