Flushing Financial (NASDAQ:FFIC) Price Target Cut to $13.00

Flushing Financial (NASDAQ:FFIC) had its price objective reduced by equities researchers at Keefe, Bruyette & Woods from $14.00 to $13.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 14.34% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Raymond James upped their price objective on Flushing Financial from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 5th. StockNews.com lowered Flushing Financial from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, DA Davidson lowered their price target on Flushing Financial from $17.00 to $13.50 and set a “neutral” rating for the company in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.17.

Flushing Financial Trading Down 0.1 %

FFIC opened at $11.37 on Friday. Flushing Financial has a one year low of $9.28 and a one year high of $18.00. The stock has a market capitalization of $330.53 million, a PE ratio of 11.37 and a beta of 0.73. The business’s 50 day moving average price is $12.21 and its 200 day moving average price is $13.80. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.04 and a current ratio of 1.04.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Flushing Financial had a net margin of 6.81% and a return on equity of 4.31%. The business had revenue of $112.58 million during the quarter, compared to analyst estimates of $47.12 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. As a group, equities research analysts expect that Flushing Financial will post 0.71 EPS for the current year.

Insider Transactions at Flushing Financial

In other news, EVP Francis W. Korzekwinski sold 7,649 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $12.61, for a total transaction of $96,453.89. Following the completion of the transaction, the executive vice president now directly owns 73,493 shares in the company, valued at $926,746.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Thomas Buonaiuto sold 19,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $13.21, for a total transaction of $250,990.00. Following the transaction, the executive vice president now owns 32,391 shares of the company’s stock, valued at $427,885.11. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Francis W. Korzekwinski sold 7,649 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $12.61, for a total value of $96,453.89. Following the transaction, the executive vice president now directly owns 73,493 shares in the company, valued at approximately $926,746.73. The disclosure for this sale can be found here. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Flushing Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in FFIC. YHB Investment Advisors Inc. purchased a new stake in Flushing Financial in the 1st quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in Flushing Financial in the 1st quarter valued at approximately $32,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Flushing Financial in the 3rd quarter valued at approximately $149,000. EMC Capital Management boosted its holdings in Flushing Financial by 116.7% in the 3rd quarter. EMC Capital Management now owns 11,493 shares of the bank’s stock valued at $151,000 after purchasing an additional 6,189 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Flushing Financial by 72.4% in the 3rd quarter. SG Americas Securities LLC now owns 15,944 shares of the bank’s stock valued at $209,000 after purchasing an additional 6,697 shares in the last quarter. 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.