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ValuEngine Upgrades Flushing Financial (NASDAQ:FFIC) to Hold

Last updated on Thursday, July 2, 2020 | 2020 MarketBeat

Flushing Financial (NASDAQ:FFIC) was upgraded by stock analysts at ValuEngine from a "sell" rating to a "hold" rating in a research note issued on Thursday, ValuEngine reports.

A number of other research firms have also issued reports on FFIC. Zacks Investment Research raised shares of Flushing Financial from a "sell" rating to a "hold" rating in a research note on Tuesday. Keefe, Bruyette & Woods raised shares of Flushing Financial from an "underperform" rating to a "market perform" rating in a research note on Wednesday, April 1st. Finally, BidaskClub lowered shares of Flushing Financial from a "hold" rating to a "sell" rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of "Hold" and a consensus target price of $18.33.

Flushing Financial stock opened at $10.78 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 3.03. The firm has a 50-day moving average price of $11.23 and a two-hundred day moving average price of $15.63. The firm has a market capitalization of $325.02 million, a price-to-earnings ratio of 9.46, a PEG ratio of 1.39 and a beta of 0.78. Flushing Financial has a 52-week low of $8.86 and a 52-week high of $22.97.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Tuesday, April 28th. The bank reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The firm had revenue of $37.96 million during the quarter, compared to analyst estimates of $43.70 million. Flushing Financial had a net margin of 11.66% and a return on equity of 7.65%. Research analysts expect that Flushing Financial will post 1.4 earnings per share for the current year.

In other Flushing Financial news, Director Michael A. Azarian bought 5,000 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $11.00 per share, for a total transaction of $55,000.00. Following the acquisition, the director now directly owns 13,900 shares of the company's stock, valued at $152,900. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sam Sang Ki Han bought 3,500 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average price of $11.66 per share, for a total transaction of $40,810.00. Following the completion of the acquisition, the director now directly owns 58,650 shares in the company, valued at $683,859. The disclosure for this purchase can be found here. Insiders purchased a total of 10,000 shares of company stock worth $110,600 over the last quarter. Insiders own 5.19% of the company's stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in shares of Flushing Financial by 14.7% in the 1st quarter. Invesco Ltd. now owns 54,848 shares of the bank's stock worth $733,000 after purchasing an additional 7,015 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Flushing Financial by 34.9% in the 1st quarter. Two Sigma Advisers LP now owns 45,602 shares of the bank's stock worth $609,000 after purchasing an additional 11,800 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Flushing Financial by 11.5% in the 1st quarter. Wells Fargo & Company MN now owns 60,460 shares of the bank's stock worth $808,000 after purchasing an additional 6,259 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Flushing Financial by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,054,779 shares of the bank's stock worth $14,092,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Flushing Financial by 10.2% during the first quarter. Geode Capital Management LLC now owns 430,063 shares of the bank's stock valued at $5,745,000 after acquiring an additional 39,667 shares during the period. Institutional investors and hedge funds own 74.05% 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, demand accounts, NOW accounts, and certificates of deposit.

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To view ValuEngine's full report, visit ValuEngine's official website.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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