Flushing Financial Co. (NASDAQ:FFIC) has been assigned an average recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $29.67.
A number of equities research analysts have commented on the company. BidaskClub cut Flushing Financial from a “buy” rating to a “hold” rating in a research note on Friday, April 13th. ValuEngine cut Flushing Financial from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Zacks Investment Research cut Flushing Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, April 4th. Finally, Sandler O’Neill upgraded Flushing Financial from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Thursday, February 15th.
Flushing Financial stock traded up $0.01 during midday trading on Wednesday, reaching $27.41. The company’s stock had a trading volume of 71,998 shares, compared to its average volume of 51,058. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.19 and a current ratio of 1.19. Flushing Financial has a 52-week low of $24.59 and a 52-week high of $31.69. The stock has a market cap of $784.59, a PE ratio of 17.46, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01.
Flushing Financial declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 27th that permits the company to repurchase 1,000,000 shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 9th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.92%. This is a boost from Flushing Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, March 8th. Flushing Financial’s dividend payout ratio (DPR) is presently 50.96%.
In other news, Director Donna M. Obrien sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $27.73, for a total value of $166,380.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.86% of the company’s stock.
Large investors have recently made changes to their positions in the company. Context BH Capital Management LP raised its stake in shares of Flushing Financial by 278.8% in the fourth quarter. Context BH Capital Management LP now owns 64,620 shares of the bank’s stock worth $1,777,000 after purchasing an additional 47,563 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Flushing Financial by 5.6% in the fourth quarter. California Public Employees Retirement System now owns 121,655 shares of the bank’s stock worth $3,346,000 after purchasing an additional 6,454 shares during the last quarter. Martin & Co. Inc. TN grew its holdings in Flushing Financial by 3.4% during the fourth quarter. Martin & Co. Inc. TN now owns 61,963 shares of the bank’s stock worth $1,704,000 after acquiring an additional 2,025 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Flushing Financial by 5.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 143,137 shares of the bank’s stock worth $3,937,000 after acquiring an additional 7,594 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Flushing Financial by 0.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 685,178 shares of the bank’s stock worth $18,843,000 after acquiring an additional 2,089 shares during the period. Hedge funds and other institutional investors own 80.59% of the company’s stock.
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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. The company offers various deposit products, including checking and savings accounts, money market accounts, demand accounts, NOW accounts, and certificates of deposit.
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