Flushing Financial Co. (NASDAQ:FFIC) sees significant growth in short-term interest

Flushing Financial Co. (NASDAQ:FFIC – Get Rating) was the target of strong short-term interest growth in June. As of June 15, there was short interest totaling 687,400 shares, a growth of 22.0% from the total of 563,300 shares as of May 31. About 2.4% of the stock’s shares are sold short. Based on an average daily volume of 116,200 shares, the days-to-cover ratio is currently 5.9 days.

Shares on the NASDAQ FFIC traded at $0.36 in midday trading on Monday, hitting $21.62. 3,856 shares of the stock have traded, compared to its average volume of 118,844. The company has a leverage ratio of 1.30, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $656.10 million, a PE ratio of 8.38 and a beta of 0.73. Flushing Financial has a one-year low of $19.79 and a one-year high of $25.95. The company’s 50-day moving average is $22.06 and its 200-day moving average is $23.00.

Flushing Financial (NASDAQ:FFIC – Get Rating) last released its quarterly results on Tuesday, April 26. The bank reported earnings per share of $0.61 for the quarter, beating the consensus estimate of $0.53 by $0.08. Flushing Financial had a return on equity of 13.59% and a net margin of 28.27%. The company posted revenue of $64.79 million for the quarter, versus analyst estimates of $63.40 million. In the same quarter a year earlier, the company posted EPS of $0.54. As a group, equity analysts expect Flushing Financial to post EPS of 2.36 for the current year.

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The company also recently declared a quarterly dividend, which was paid on Friday, June 24. Investors of record on Friday, June 3 received a dividend of $0.22 per share. The ex-dividend date was Thursday, June 2. This represents an annualized dividend of $0.88 and a yield of 4.07%. Flushing Financial’s payout ratio is currently 34.11%.

Separately, StockNews.com downgraded Flushing Financial from a “buy” rating to a “hold” rating in a Tuesday, June 28 research report.

In other news from Flushing Financial, COO Maria A. Grasso sold 6,000 shares of the company in a trade that took place on Wednesday, June 15. The stock was sold at an average price of $22.00, for a total value of $132,000.00. Following completion of the transaction, the COO now directly owns 76,525 shares of the company, valued at approximately $1,683,550. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Company insiders hold 6.60% of the company’s shares.

A number of large investors have recently increased or reduced their stakes in the stock. BlackRock Inc. increased its stake in Flushing Financial by 3.9% in the 1st quarter. BlackRock Inc. now owns 2,480,912 shares of the bank valued at $55,449,000 after purchasing an additional 92,800 shares during the period. Dimensional Fund Advisors LP increased its stake in Flushing Financial by 2.5% in Q1. Dimensional Fund Advisors LP now owns 2,330,027 shares of the bank valued at $52,077,000 after purchasing an additional 56,474 shares during the period. Vanguard Group Inc. increased its stake in Flushing Financial by 3.4% in Q1. Vanguard Group Inc. now owns 1,568,560 shares of the bank valued at $35,058,000 after purchasing an additional 51,395 shares during the period. State Street Corp increased its stake in Flushing Financial by 12.2% in the first quarter. State Street Corp now owns 874,032 shares of the bank valued at $19,535,000 after purchasing an additional 94,912 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Flushing Financial by 61.6% in the first quarter. The Manufacturers Life Insurance Company now owns 378,542 shares of the bank worth $8,460,000 after purchasing an additional 144,279 shares during the period. Institutional investors hold 73.40% of the company’s shares.

Flushing Financial Company Profile (Get an assessment)

Flushing Financial Corporation operates as a banking holding company for Flushing Bank which provides banking products and services primarily to consumers, businesses and government units. It offers various deposit products, including checking and savings accounts, money market accounts, current accounts, NOW accounts and certificates of deposit.

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