Flushing Financial (NASDAQ:FFIC) Announces Quarterly Earnings Results, Hits Estimates

Flushing Financial (NASDAQ:FFIC) announced its quarterly earnings results on Monday. The bank reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18, Zacks reports. Flushing Financial had a net margin of 6.81% and a return on equity of 4.31%. The company had revenue of $117.45 million for the quarter, compared to the consensus estimate of $46.96 million. During the same period in the previous year, the firm posted $0.26 EPS.

Flushing Financial Price Performance

Shares of FFIC stock opened at $16.26 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50-day simple moving average is $13.31 and its two-hundred day simple moving average is $13.15. The company has a market capitalization of $472.68 million, a P/E ratio of 16.26 and a beta of 0.77. Flushing Financial has a one year low of $10.74 and a one year high of $18.00.

Flushing Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Monday, June 10th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend was Friday, June 7th. Flushing Financial’s payout ratio is currently 88.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FFIC shares. Keefe, Bruyette & Woods reduced their target price on 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 downgraded Flushing Financial from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $15.00 to $16.50 in a research note on Tuesday. Finally, StockNews.com downgraded 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 issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $15.50.

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.