Flushing Financial (NASDAQ:FFIC) Announces Quarterly Earnings Results

Key Points

• Flushing Financial reported earnings of $0.32 per share for the quarter, surpassing the consensus estimate of $0.29, while its revenue was $58.92 million, below the expected $60.13 million.
• The company declared a quarterly dividend of $0.22, yielding 7.13%, with a dividend payout ratio of -73.95%.
• Institutional investors, including Empowered Funds LLC and Millennium Management LLC, have increased their stakes in Flushing Financial, which is currently 67.10% owned by hedge funds and institutional investors.

Flushing Financial (NASDAQ:FFIC - Get Free Report) released its earnings results on Thursday. The bank reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03, Zacks reports. The company had revenue of $58.92 million for the quarter, compared to the consensus estimate of $60.13 million. Flushing Financial had a negative net margin of 7.13% and a positive return on equity of 4.46%.

Flushing Financial Stock Performance

Shares of FFIC stock traded up $0.21 during trading hours on Friday, hitting $12.34. The company's stock had a trading volume of 428,405 shares, compared to its average volume of 280,236. The company has a 50 day moving average of $12.15 and a 200 day moving average of $12.90. The stock has a market cap of $416.81 million, a PE ratio of -10.37 and a beta of 0.81. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.60. Flushing Financial has a 12-month low of $10.65 and a 12-month high of $18.59.

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 issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend was Friday, June 13th. Flushing Financial's dividend payout ratio (DPR) is currently -73.95%.

Institutional Trading of Flushing Financial

Several large investors have recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in shares of Flushing Financial by 8.5% in the 1st quarter. Empowered Funds LLC now owns 102,944 shares of the bank's stock valued at $1,307,000 after acquiring an additional 8,036 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Flushing Financial by 104.3% in the 1st quarter. Millennium Management LLC now owns 523,080 shares of the bank's stock valued at $6,643,000 after acquiring an additional 267,013 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 valued at $240,000 after acquiring an additional 3,062 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Flushing Financial by 9.1% in the 1st quarter. Royal Bank of Canada now owns 17,472 shares of the bank's stock valued at $222,000 after acquiring an additional 1,453 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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.

About Flushing Financial

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.

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