Flushing Financial (NASDAQ:FFIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

A number of other research analysts have also commented on FFIC. BidaskClub lowered Flushing Financial from a “hold” rating to a “sell” rating in a report on Monday, June 15th. ValuEngine lowered Flushing Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, March 3rd. Finally, Keefe, Bruyette & Woods upgraded Flushing Financial from an “underperform” rating to a “market perform” rating in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Flushing Financial currently has a consensus rating of “Hold” and an average price target of $18.33.

Shares of FFIC stock traded up $0.70 during trading hours on Tuesday, reaching $11.52. 156,700 shares of the company’s stock were exchanged, compared to its average volume of 134,106. Flushing Financial has a fifty-two week low of $8.86 and a fifty-two week high of $22.97. The stock has a market capitalization of $305.27 million, a P/E ratio of 10.11, a P/E/G ratio of 1.31 and a beta of 0.78. The business has a fifty day moving average price of $11.22 and a 200-day moving average price of $15.68. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 3.03.

Flushing Financial (NASDAQ:FFIC) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. Flushing Financial had a return on equity of 7.65% and a net margin of 11.66%. The company had revenue of $37.96 million during the quarter, compared to analyst estimates of $43.70 million. As a group, research analysts expect that Flushing Financial will post 1.4 EPS for the current fiscal year.

In related news, Director Michael A. Azarian acquired 5,000 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $11.00 per share, for a total transaction of $55,000.00. Following the completion of the purchase, the director now directly owns 13,900 shares of the company’s stock, valued at approximately $152,900. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sam Sang Ki Han acquired 3,500 shares of the company’s stock in a transaction on Monday, May 4th. The shares were bought at an average price of $11.66 per share, with a total value of $40,810.00. Following the completion of the purchase, the director now directly owns 58,650 shares of the company’s stock, valued at $683,859. The disclosure for this purchase can be found here. Insiders purchased 10,000 shares of company stock valued at $110,600 over the last 90 days. 5.19% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can acquired a new position in Flushing Financial during the fourth quarter worth $51,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Flushing Financial by 105.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,537 shares of the bank’s stock valued at $34,000 after buying an additional 1,303 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Flushing Financial by 18.3% in the fourth quarter. Bank of Montreal Can now owns 6,778 shares of the bank’s stock valued at $147,000 after buying an additional 1,050 shares during the last quarter. Citigroup Inc. grew its holdings in Flushing Financial by 43.2% during the 4th quarter. Citigroup Inc. now owns 8,330 shares of the bank’s stock worth $180,000 after acquiring an additional 2,514 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in Flushing Financial by 15.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 8,332 shares of the bank’s stock valued at $111,000 after acquiring an additional 1,140 shares in the last quarter. Hedge funds and other institutional investors own 74.05% of the company’s stock.

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, demand accounts, NOW accounts, and certificates of deposit.

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