Flushing Financial (NASDAQ:FFIC) Stock Crosses Above 200-Day Moving Average – Here’s Why

Flushing Financial Co. (NASDAQ:FFIC) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.21 and traded as high as $15.13. Flushing Financial shares last traded at $15.03, with a volume of 119,914 shares changing hands.

Analyst Ratings Changes

A number of brokerages have issued reports on FFIC. StockNews.com lowered shares of Flushing Financial from a “hold” rating to a “sell” rating in a report on Monday, July 8th. Raymond James raised their price target on Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods lifted their target price on Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Thursday, August 1st. Finally, Piper Sandler downgraded Flushing Financial from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $15.00 to $16.50 in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Flushing Financial has an average rating of “Hold” and a consensus price target of $15.50.

Flushing Financial Price Performance

The firm has a 50 day simple moving average of $13.93 and a 200-day simple moving average of $13.21. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.98. The company has a market cap of $436.91 million, a PE ratio of 15.03 and a beta of 0.76.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Monday, July 29th. The bank reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Flushing Financial had a return on equity of 3.96% and a net margin of 5.84%. The company had revenue of $117.45 million for the quarter, compared to analyst estimates of $46.96 million. During the same quarter in the previous year, the firm earned $0.26 earnings per share. As a group, research analysts predict that Flushing Financial Co. will post 0.69 earnings per share for the current fiscal year.

Flushing Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.85%. Flushing Financial’s payout ratio is 88.00%.

Insider Buying and Selling

In related news, COO Maria A. Grasso sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $13.49, for a total transaction of $60,705.00. Following the sale, the chief operating officer now directly owns 83,238 shares of the company’s stock, valued at $1,122,880.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.31% of the company’s stock.

Institutional Investors Weigh In On Flushing Financial

Several hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Flushing Financial during the 1st quarter worth about $32,000. EntryPoint Capital LLC purchased a new stake in shares of Flushing Financial in the 1st quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Flushing Financial during the 2nd quarter worth about $61,000. CWM LLC increased its position in shares of Flushing Financial by 87.0% during the second quarter. CWM LLC now owns 5,534 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,575 shares during the last quarter. Finally, Perritt Capital Management Inc purchased a new position in shares of Flushing Financial during the 2nd quarter worth approximately $132,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

Flushing Financial Company Profile

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.