Flushing Financial Co. Declares Quarterly Dividend of $0.22 (NASDAQ:FFIC)

Flushing Financial Co. (NASDAQ:FFIC - Get Free Report) announced a quarterly dividend on Wednesday, May 28th, Wall Street Journal reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.22 per share by the bank on Friday, June 20th. This represents a $0.88 dividend on an annualized basis and a yield of 7.39%. The ex-dividend date is Friday, June 13th.

Flushing Financial has raised its dividend payment by an average of 1.6% annually over the last three years. Flushing Financial has a payout ratio of 59.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Flushing Financial to earn $1.45 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 60.7%.

Flushing Financial Trading Down 1.0%

Shares of Flushing Financial stock traded down $0.12 on Monday, reaching $11.91. 177,075 shares of the company's stock were exchanged, compared to its average volume of 246,594. The company has a market capitalization of $402.28 million, a P/E ratio of -11.79 and a beta of 0.81. Flushing Financial has a 52 week low of $10.65 and a 52 week high of $18.59. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.94 and a current ratio of 0.94. The firm's 50-day moving average is $12.17 and its two-hundred day moving average is $13.96.

Flushing Financial (NASDAQ:FFIC - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The company had revenue of $58.10 million for the quarter, compared to analysts' expectations of $55.38 million. Flushing Financial had a negative net margin of 6.46% and a positive return on equity of 3.25%. Sell-side analysts predict that Flushing Financial will post 1.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Thomas Buonaiuto sold 6,800 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $12.92, for a total transaction of $87,856.00. Following the completion of the sale, the executive vice president now directly owns 32,336 shares of the company's stock, valued at approximately $417,781.12. This trade represents a 17.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.66% of the company's stock.

Institutional Investors Weigh In On Flushing Financial

Several large investors have recently made changes to their positions in FFIC. Royal Bank of Canada raised its position in Flushing Financial by 9.1% in the first quarter. Royal Bank of Canada now owns 17,472 shares of the bank's stock worth $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 worth $240,000 after purchasing an additional 3,062 shares in the last quarter. Millennium Management LLC increased its stake in Flushing Financial by 104.3% in the 1st quarter. Millennium Management LLC now owns 523,080 shares of the bank's stock worth $6,643,000 after acquiring an additional 267,013 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Flushing Financial by 8.5% during the first quarter. Empowered Funds LLC now owns 102,944 shares of the bank's stock valued at $1,307,000 after purchasing an additional 8,036 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.