Flushing Financial (NASDAQ:FFIC) Announces 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) announced its quarterly earnings data on Thursday. The bank reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.03, Zacks reports. Flushing Financial had a positive return on equity of 4.46% and a negative net margin of 7.13%. The firm had revenue of $58.92 million during the quarter, compared to analysts' expectations of $60.13 million.

Flushing Financial Price Performance

Flushing Financial stock traded down $0.47 during mid-day trading on Wednesday, hitting $11.92. The stock had a trading volume of 286,448 shares, compared to its average volume of 286,982. The firm has a market capitalization of $402.66 million, a P/E ratio of -10.02 and a beta of 0.81. The firm's 50 day moving average is $12.13 and its 200 day moving average is $12.86. 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 one year low of $10.65 and a one year high of $18.59.

Flushing Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 7.38%. The ex-dividend date was Friday, June 13th. Flushing Financial's dividend payout ratio (DPR) is presently -73.95%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Flushing Financial

Large investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its position 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 worth $222,000 after purchasing an additional 1,453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Flushing Financial by 19.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,875 shares of the bank's stock valued at $240,000 after purchasing an additional 3,062 shares during the last quarter. Empowered Funds LLC grew its position in Flushing Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 102,944 shares of the bank's stock worth $1,307,000 after acquiring an additional 8,036 shares during the period. Finally, Millennium Management LLC increased its holdings in 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 purchasing an additional 267,013 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

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.