Flushing Financial Co. (NASDAQ:FFIC) benefited from a sharp drop in short interest during the month of December. As of December 31, there was short interest totaling 181,000 shares, a decrease of 52.8% from the total of 383,700 shares as of December 15. Based on an average daily volume of 113,000 shares, the day-to-cover ratio is currently 1.6 days. Approximately 0.6% of the company’s shares are sold short.
In related news, CEO John R. Buran acquired 1,800 shares of the company in a transaction that took place on Monday, November 29. The shares were purchased at an average cost of $23.77 per share, with a total value of $42,786.00. The purchase was disclosed in a document filed with the SEC, accessible via this hyperlink. Insiders of the company own 5.19% of the shares of the company.
Several hedge funds have recently changed their holdings in the company. Palouse Capital Management Inc. increased its stake in Flushing Financial by 4.0% in Q3. Palouse Capital Management Inc. now owns 13,624 shares of the bank valued at $308,000 after buying an additional 530 shares last quarter. Boston Partners increased its stake in shares of Flushing Financial by 1.3% during the second quarter. Boston Partners now owns 75,159 shares of the bank valued at $1,611,000 after acquiring 951 additional shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Flushing Financial by 6.8% during the second quarter. The Manufacturers Life Insurance Company now owns 17,333 shares of the bank valued at $371,000 after acquiring 1,102 more shares in the last quarter. Martin & Co. Inc. TN increased its position in Flushing Financial by 2.0% during the third quarter. Martin & Co. Inc. TN now owns 59,941 shares of the bank worth $1,355,000 after buying 1,195 additional shares last quarter. Finally, the Royal Bank of Canada increased its position in Flushing Financial by 15.1% during the third quarter. Royal Bank of Canada now owns 11,710 shares of the bank worth $265,000 after buying 1,539 more shares last quarter. 68.51% of the shares are held by institutional investors and hedge funds.
Flushing Financial Stock opened at $25.88 on Friday. The company has a market capitalization of $794.00 million, a PE ratio of 12.15 and a beta of 0.79. Flushing Financial has a 52-week low of $17.92 and a 52-week high of $25.90. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt ratio of 1.13. The company’s 50-day moving average is $24.37 and its two-hundred-day moving average is $23.15.
Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings data on Monday, October 25. The bank reported earnings per share (EPS) of $0.81 for the quarter, beating Thomson Reuters consensus estimate of $0.65 by $0.16. The company posted revenue of $64.23 million in the quarter, compared to analysts’ expectations of $62.00 million. Flushing Financial had a return on equity of 13.26% and a net margin of 23.28%. During the same period a year earlier, the company posted EPS of $0.56. On average, equity research analysts expect Flushing Financial to post earnings per share of 2.83 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 31. Shareholders of record on Friday, December 10 received a dividend of $0.21 per share. This represents a dividend of $0.84 on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Thursday, December 9. Flushing Financial’s dividend payout ratio (DPR) is 39.44%.
Separately, Zacks Investment Research downgraded shares of Flushing Financial from a “strong buy” rating to a “hold” rating in a Wednesday, Dec. 29 research report.
About Flushing Financial
Flushing Financial Corp. operates as a bank holding company for Flushing Savings Bank, which provides banking and financial services. Its core business is to attract retail deposits from the general public and to invest those deposits with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgages, construction loans, small business administration loans and other small business loans, mortgage loan, USA
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