Flushing Financial (NASDAQ:FFIC) Upgraded to "Hold" at Zacks Research

Key Points

• Flushing Financial (NASDAQ:FFIC) was upgraded by Zacks Research from a "strong sell" to a "hold" rating.
• The company reported earnings of $0.32 per share, exceeding analysts' consensus estimates and achieving revenue of $58.92 million for the quarter.
• Institutional investors have significantly increased their stakes in Flushing Financial, with over 67.10% of the stock now held by hedge funds and other institutional investors.

Flushing Financial (NASDAQ:FFIC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday, September 8th,Zacks.com reports.

Flushing Financial Trading Down 1.0%

NASDAQ FFIC traded down $0.14 on Monday, hitting $13.96. The company's stock had a trading volume of 112,401 shares, compared to its average volume of 275,260. Flushing Financial has a 52-week low of $10.65 and a 52-week high of $18.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.85. The company's 50-day simple moving average is $12.82 and its 200 day simple moving average is $12.51. The firm has a market cap of $471.57 million, a P/E ratio of -11.73 and a beta of 0.83.

Flushing Financial (NASDAQ:FFIC - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. The company had revenue of $58.92 million during the quarter, compared to analysts' expectations of $60.13 million. Flushing Financial had a positive return on equity of 4.45% and a negative net margin of 7.13%. Research analysts predict that Flushing Financial will post 1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FFIC. Tower Research Capital LLC TRC lifted its stake in shares of Flushing Financial by 75.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,847 shares of the bank's stock valued at $46,000 after purchasing an additional 1,650 shares during the period. Police & Firemen s Retirement System of New Jersey raised its stake in Flushing Financial by 37.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 8,119 shares of the bank's stock valued at $96,000 after buying an additional 2,194 shares during the last quarter. Aigen Investment Management LP purchased a new position in Flushing Financial during the first quarter valued at $127,000. Squarepoint Ops LLC purchased a new position in Flushing Financial during the fourth quarter valued at $147,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Flushing Financial during the fourth quarter valued at $167,000. Hedge funds and other institutional investors own 67.10% of the company's stock.

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.