Keefe, Bruyette & Woods Increases Flushing Financial (NASDAQ:FFIC) Price Target to $16.80

Flushing Financial (NASDAQ:FFIC) had its price target lifted by stock analysts at Keefe, Bruyette & Woods from $14.50 to $16.80 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 9.55% from the company’s previous close.

A number of other research firms have also recently weighed in on FFIC. Zacks Research lowered Flushing Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Wall Street Zen lowered shares of Flushing Financial from a “buy” rating to a “hold” rating in a research note on Sunday, November 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of Flushing Financial in a research note on Monday, December 29th. Finally, Raymond James Financial downgraded shares of Flushing Financial from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, December 31st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Flushing Financial presently has a consensus rating of “Reduce” and an average target price of $16.80.

Flushing Financial Stock Performance

Shares of NASDAQ:FFIC traded down $0.04 during trading on Thursday, hitting $15.34. 118,255 shares of the stock traded hands, compared to its average volume of 411,288. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The company has a fifty day moving average price of $16.11 and a two-hundred day moving average price of $14.37. Flushing Financial has a 52-week low of $10.65 and a 52-week high of $17.79. The company has a market cap of $518.02 million, a price-to-earnings ratio of -12.89 and a beta of 0.81.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The business had revenue of $58.81 million during the quarter, compared to analyst estimates of $62.27 million. Flushing Financial had a return on equity of 5.96% and a net margin of 3.86%. As a group, equities analysts predict that Flushing Financial will post 1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FFIC. Royal Bank of Canada grew its position in shares of Flushing Financial by 9.1% in the first quarter. Royal Bank of Canada now owns 17,472 shares of the bank’s stock valued at $222,000 after purchasing an additional 1,453 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Flushing Financial by 19.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,875 shares of the bank’s stock worth $240,000 after buying an additional 3,062 shares during the last quarter. Millennium Management LLC boosted its stake in Flushing Financial by 104.3% in the 1st quarter. Millennium Management LLC now owns 523,080 shares of the bank’s stock worth $6,643,000 after buying an additional 267,013 shares during the last quarter. Empowered Funds LLC grew its holdings in Flushing Financial by 8.5% in the 1st quarter. Empowered Funds LLC now owns 102,944 shares of the bank’s stock valued at $1,307,000 after buying an additional 8,036 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Flushing Financial by 202.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 40,512 shares of the bank’s stock valued at $481,000 after acquiring an additional 27,096 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

Flushing Financial Company Profile

Flushing Financial Corporation is the bank holding company for Flushing Bank, a community-oriented financial institution headquartered in Flushing, Queens, New York. Tracing its origins to the founding of Flushing Bank in 1929, the holding company was established in 2006 to support the bank’s growth and diversification. Flushing Financial operates under the Nasdaq ticker FFIC, delivering a full suite of banking services to personal, commercial and institutional customers.

The company’s primary business activities include deposit-taking, consumer and commercial lending, mortgage banking and treasury management.