Zacks Investment Research Downgrades Flushing Financial (NASDAQ:FFIC) to Hold
According to Zacks, “FLUSHING FINANCIAL CORP. is a unitary savings and loan holding company, which, under existing laws, is generally not restricted as to types of business activities in which it may engage, provided that the subsidiary, continues to be a qualified thrift lender. Under the regulations of the Office of Thrift Supervision, the subsidiary is a qualified thrift lender if its ratio of qualified thrift investments to portfolio assets is 65% or more, on a monthly average basis in nine of every 12 months. “
Several other research firms have also commented on FFIC. Gabelli reaffirmed a “buy” rating on shares of Flushing Financial in a report on Thursday, May 2nd. ValuEngine raised shares of WEX from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. Finally, BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.17.
Flushing Financial (NASDAQ:FFIC) last released its earnings results on Tuesday, April 30th. The bank reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.06). Flushing Financial had a net margin of 18.51% and a return on equity of 9.93%. The business had revenue of $42.75 million for the quarter, compared to the consensus estimate of $43.70 million. As a group, equities research analysts anticipate that Flushing Financial will post 1.73 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in FFIC. BNP Paribas Arbitrage SA lifted its position in shares of Flushing Financial by 222.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,657 shares of the bank’s stock worth $124,000 after purchasing an additional 3,902 shares during the period. SG Americas Securities LLC purchased a new position in Flushing Financial during the 1st quarter valued at about $164,000. Metropolitan Life Insurance Co. NY lifted its position in Flushing Financial by 344.1% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,526 shares of the bank’s stock valued at $205,000 after acquiring an additional 7,381 shares during the period. Legal & General Group Plc lifted its position in Flushing Financial by 9.7% during the 4th quarter. Legal & General Group Plc now owns 9,740 shares of the bank’s stock valued at $210,000 after acquiring an additional 858 shares during the period. Finally, Citigroup Inc. lifted its position in Flushing Financial by 13.9% during the 4th quarter. Citigroup Inc. now owns 11,507 shares of the bank’s stock valued at $247,000 after acquiring an additional 1,403 shares during the period. 77.01% of the stock is owned by institutional investors and hedge funds.
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, demand accounts, NOW accounts, and certificates of deposit.
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