Flushing Financial (NASDAQ:FFIC) Shares Gap Down Following Weak Earnings

Key Points

• Shares gapped down after Flushing Financial reported weaker-than-expected results — EPS $0.29 vs. $0.32 expected and revenue $56.98M vs. $61.56M — causing the stock to open below the prior close.
• The company pays a quarterly dividend of $0.22 (annualized $0.88) for a 5.4% yield
• Analysts currently have a consensus “Hold” rating with an average price target of $16.80, and institutional ownership is elevated at about 67.1% after sizable recent inflows by several funds.

Flushing Financial Corporation (NASDAQ:FFIC - Get Free Report) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $16.36, but opened at $15.68. Flushing Financial shares last traded at $16.27, with a volume of 37,696 shares changing hands.

The bank reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.03). Flushing Financial had a return on equity of 5.95% and a net margin of 3.86%.The business had revenue of $56.98 million during the quarter, compared to the consensus estimate of $61.56 million.

Flushing Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Stockholders of record on Friday, April 10th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Friday, April 10th. Flushing Financial's dividend payout ratio is currently 162.96%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Flushing Financial from $14.50 to $16.80 and gave the company a "market perform" rating in a research report on Thursday, January 29th. Weiss Ratings raised Flushing Financial from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, March 9th. Finally, Raymond James Financial downgraded Flushing Financial from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, December 31st. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $16.80.

Insider Buying and Selling

In other Flushing Financial news, EVP Thomas Buonaiuto sold 1,570 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $16.20, for a total transaction of $25,434.00. Following the transaction, the executive vice president owned 35,469 shares of the company's stock, valued at $574,597.80. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.66% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FFIC. Wellington Management Group LLP raised its stake in Flushing Financial by 586.8% in the 3rd quarter. Wellington Management Group LLP now owns 1,786,993 shares of the bank's stock valued at $24,678,000 after acquiring an additional 1,526,793 shares during the period. Patriot Financial Partners GP II L.P. bought a new position in Flushing Financial during the third quarter worth $9,322,000. Millennium Management LLC boosted its position in Flushing Financial by 104.3% during the first quarter. Millennium Management LLC now owns 523,080 shares of the bank's stock worth $6,643,000 after purchasing an additional 267,013 shares during the period. Glazer Capital LLC acquired a new position in shares of Flushing Financial in the fourth quarter valued at $3,892,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Flushing Financial by 91.1% in the third quarter. Alliancebernstein L.P. now owns 375,832 shares of the bank's stock valued at $5,190,000 after purchasing an additional 179,150 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors.

Flushing Financial Price Performance

The company has a market capitalization of $552.38 million, a P/E ratio of 30.12 and a beta of 0.79. The company's 50-day moving average price is $15.68 and its two-hundred day moving average price is $15.58. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.93 and a quick ratio of 0.93.

Flushing Financial Company Profile

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank's growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company's primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.

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