Zacks Investment Research Lowers Flushing Financial (FFIC) to Sell

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Zacks Investment Research cut shares of Flushing Financial (NASDAQ:FFIC) from a hold rating to a sell rating in a report issued on Monday morning.

According to Zacks, “FLUSHING FINANCIAL CORP. is a unitary savings and loan holding company, which, under existing laws, is generally not restricted as to types of business activities in which it may engage, provided that the subsidiary, continues to be a qualified thrift lender. Under the regulations of the Office of Thrift Supervision, the subsidiary is a qualified thrift lender if its ratio of qualified thrift investments to portfolio assets is 65% or more, on a monthly average basis in nine of every 12 months. “

FFIC has been the subject of several other reports. BidaskClub lowered Flushing Financial from a hold rating to a sell rating in a research report on Friday, September 21st. Sandler O’Neill restated a buy rating and set a $30.00 price target on shares of Flushing Financial in a research report on Thursday, July 26th. ValuEngine lowered Flushing Financial from a hold rating to a sell rating in a report on Monday, September 24th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and issued a $26.50 target price on shares of Flushing Financial in a report on Thursday, July 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $29.10.

Shares of FFIC traded up $0.23 during midday trading on Monday, hitting $22.53. 806 shares of the stock were exchanged, compared to its average volume of 63,277. Flushing Financial has a 52-week low of $20.34 and a 52-week high of $29.81. The firm has a market cap of $649.10 million, a P/E ratio of 14.32, a P/E/G ratio of 1.10 and a beta of 0.90. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 2.32.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.54 EPS for the quarter, topping the consensus estimate of $0.48 by $0.06. Flushing Financial had a return on equity of 9.30% and a net margin of 18.44%. The business had revenue of $46.48 million during the quarter, compared to analyst estimates of $44.70 million. Sell-side analysts expect that Flushing Financial will post 1.86 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its holdings in Flushing Financial by 5.9% in the third quarter. Wells Fargo & Company MN now owns 56,524 shares of the bank’s stock valued at $1,379,000 after purchasing an additional 3,172 shares during the period. Wedge Capital Management L L P NC raised its stake in Flushing Financial by 6.7% in the second quarter. Wedge Capital Management L L P NC now owns 53,289 shares of the bank’s stock valued at $1,391,000 after buying an additional 3,348 shares in the last quarter. Legal & General Group Plc raised its stake in Flushing Financial by 37.3% in the first quarter. Legal & General Group Plc now owns 14,357 shares of the bank’s stock valued at $387,000 after buying an additional 3,899 shares in the last quarter. Gabelli Funds LLC raised its stake in Flushing Financial by 0.8% in the second quarter. Gabelli Funds LLC now owns 542,593 shares of the bank’s stock valued at $14,162,000 after buying an additional 4,500 shares in the last quarter. Finally, Teton Advisors Inc. raised its stake in Flushing Financial by 0.8% in the second quarter. Teton Advisors Inc. now owns 624,372 shares of the bank’s stock valued at $16,296,000 after buying an additional 5,002 shares in the last quarter. Hedge funds and other institutional investors own 76.50% 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. 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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