Flushing Financial (NASDAQ:FFIC) Posts Earnings Results, Meets Expectations

Flushing Financial (NASDAQ:FFIC) posted its quarterly earnings data on Monday. The bank reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18, Zacks reports. The company had revenue of $117.45 million for the quarter, compared to the consensus estimate of $46.96 million. Flushing Financial had a net margin of 5.84% and a return on equity of 3.96%. During the same quarter last year, the firm posted $0.26 earnings per share.

Flushing Financial Price Performance

FFIC traded down $0.23 during trading hours on Wednesday, hitting $14.76. The company’s stock had a trading volume of 67,623 shares, compared to its average volume of 186,171. The business’s 50-day moving average price is $13.34 and its 200-day moving average price is $13.14. Flushing Financial has a 12 month low of $10.74 and a 12 month high of $18.00. The stock has a market cap of $429.07 million, a price-to-earnings ratio of 14.75 and a beta of 0.77. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00.

Flushing Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Monday, June 10th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 5.96%. The ex-dividend date was Friday, June 7th. Flushing Financial’s dividend payout ratio is presently 88.00%.

Wall Street Analysts Forecast Growth

FFIC has been the topic of several analyst reports. Raymond James lifted their price target on shares of Flushing Financial from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. Keefe, Bruyette & Woods lowered their price target on shares of Flushing Financial from $14.00 to $13.00 and set a “market perform” rating on the stock in a report on Friday, April 26th. Piper Sandler cut shares of Flushing Financial from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $15.00 to $16.50 in a research report on Tuesday. Finally, StockNews.com cut shares of Flushing Financial from a “hold” rating to a “sell” rating in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $15.00.

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, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.