Flushing Financial Co. Plans Quarterly Dividend of $0.22 (NASDAQ:FFIC)

Flushing Financial Co. (NASDAQ:FFIC) announced a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Investors of record on Friday, December 6th will be paid a dividend of 0.22 per share by the bank on Friday, December 20th. This represents a $0.88 annualized dividend and a yield of 5.05%. The ex-dividend date of this dividend is Friday, December 6th.

Flushing Financial has increased its dividend payment by an average of 1.6% per year over the last three years. Flushing Financial has a payout ratio of 80.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Flushing Financial to earn $1.12 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 78.6%.

Flushing Financial Stock Performance

FFIC stock opened at $17.42 on Friday. The firm has a market cap of $506.40 million, a PE ratio of 20.02 and a beta of 0.75. Flushing Financial has a 1-year low of $10.74 and a 1-year high of $18.40. The stock has a 50-day moving average price of $15.47 and a 200-day moving average price of $14.09. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.27.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FFIC. Raymond James increased their price objective on shares of Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. StockNews.com raised Flushing Financial from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods increased their target price on Flushing Financial from $13.00 to $15.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Finally, Piper Sandler lowered shares of Flushing Financial from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $15.00 to $16.50 in a research note on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.50.

Insider Transactions at Flushing Financial

In related news, CAO Astrid Burrowes sold 8,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $16.19, for a total value of $129,520.00. Following the transaction, the chief accounting officer now directly owns 34,853 shares of the company’s stock, valued at approximately $564,270.07. This trade represents a 18.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sam Sang Ki Han sold 10,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $15.47, for a total value of $154,700.00. Following the completion of the transaction, the director now directly owns 67,251 shares of the company’s stock, valued at approximately $1,040,372.97. This trade represents a 12.94 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.31% 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, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.