Shares of Flushing Financial Corporation (NASDAQ:FFIC – Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.87 and traded as high as $15.89. Flushing Financial shares last traded at $15.4850, with a volume of 2,320,300 shares.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings upgraded Flushing Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.80.
Check Out Our Latest Stock Analysis on FFIC
Flushing Financial Stock Performance
Flushing Financial (NASDAQ:FFIC – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03). Flushing Financial had a return on equity of 6.25% and a net margin of 7.15%.The business had revenue of $56.98 million for the quarter, compared to analysts’ expectations of $61.15 million.
Insider Buying and Selling
In other Flushing Financial news, EVP Thomas Buonaiuto sold 10,778 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $15.96, for a total value of $172,016.88. Following the completion of the transaction, the executive vice president owned 24,691 shares in the company, valued at $394,068.36. This represents a 30.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.66% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in FFIC. Tower Research Capital LLC TRC grew its holdings in Flushing Financial by 75.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,847 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,650 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Flushing Financial by 58.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,295 shares of the bank’s stock worth $50,000 after acquiring an additional 1,218 shares in the last quarter. Allworth Financial LP boosted its holdings in Flushing Financial by 306.0% in the fourth quarter. Allworth Financial LP now owns 3,950 shares of the bank’s stock valued at $60,000 after purchasing an additional 2,977 shares during the last quarter. Royal Bank of Canada boosted its holdings in Flushing Financial by 23.8% in the first quarter. Royal Bank of Canada now owns 4,085 shares of the bank’s stock valued at $62,000 after purchasing an additional 784 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Flushing Financial during the 4th quarter valued at approximately $82,000. 67.10% of the stock is currently 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.
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