Brandywine Global Investment Management LLC lessened its stake in Flushing Financial Co. (NASDAQ:FFIC) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,429 shares of the bank’s stock after selling 6,241 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.20% of Flushing Financial worth $1,552,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of FFIC. State Street Corp raised its stake in Flushing Financial by 13.3% in the second quarter. State Street Corp now owns 593,185 shares of the bank’s stock valued at $16,725,000 after purchasing an additional 69,666 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Flushing Financial by 12.4% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 30,419 shares of the bank’s stock valued at $904,000 after purchasing an additional 3,349 shares in the last quarter. SG Americas Securities LLC acquired a new position in Flushing Financial in the third quarter valued at about $135,000. Macquarie Group Ltd. raised its stake in Flushing Financial by 9.3% in the third quarter. Macquarie Group Ltd. now owns 492,883 shares of the bank’s stock valued at $14,649,000 after purchasing an additional 41,965 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Flushing Financial by 36.5% in the third quarter. Wells Fargo & Company MN now owns 41,469 shares of the bank’s stock valued at $1,232,000 after purchasing an additional 11,088 shares in the last quarter. 80.59% of the stock is owned by institutional investors and hedge funds.
FFIC stock opened at $28.06 on Wednesday. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.19 and a current ratio of 1.19. The company has a market capitalization of $810.08, a PE ratio of 19.76, a price-to-earnings-growth ratio of 1.44 and a beta of 1.06. Flushing Financial Co. has a 52 week low of $24.27 and a 52 week high of $31.69.
Flushing Financial (NASDAQ:FFIC) last issued its earnings results on Tuesday, January 30th. The bank reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.09). The business had revenue of $46.12 million for the quarter. Flushing Financial had a return on equity of 8.59% and a net margin of 16.79%. sell-side analysts forecast that Flushing Financial Co. will post 1.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 9th will be paid a dividend of $0.20 per share. This is an increase from Flushing Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.80 annualized dividend and a yield of 2.85%. Flushing Financial’s payout ratio is presently 56.34%.
Flushing Financial declared that its Board of Directors has approved a stock buyback program on Tuesday, February 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of research analysts recently commented on the company. BidaskClub raised Flushing Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, March 13th. Sandler O’Neill downgraded Flushing Financial from a “buy” rating to a “hold” rating and set a $31.00 price target for the company. in a research note on Thursday, November 30th. They noted that the move was a valuation call. Zacks Investment Research downgraded Flushing Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, ValuEngine raised Flushing Financial from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $30.25.
In other Flushing Financial news, Director Donna M. Obrien sold 6,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $27.73, for a total transaction of $166,380.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.86% of the stock is currently owned by insiders.
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Flushing Financial Profile
Flushing Financial Corporation is the bank holding company for Flushing Bank (the Bank). The Company is a community-oriented financial institution offering a range of financial services. The Bank’s subsidiaries include Flushing Preferred Funding Corporation, Flushing Service Corporation and FSB Properties Inc The Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III and Flushing Financial Capital Trust IV (the Trusts).
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