Renaissance Technologies LLC Boosts Stake in Flushing Financial Co. (NASDAQ:FFIC)

Renaissance Technologies LLC raised its position in shares of Flushing Financial Co. (NASDAQ:FFIC) by 4.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 334,900 shares of the bank’s stock after purchasing an additional 15,000 shares during the period. Renaissance Technologies LLC owned approximately 1.15% of Flushing Financial worth $4,404,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Perritt Capital Management Inc purchased a new stake in Flushing Financial during the 2nd quarter valued at about $132,000. American Century Companies Inc. increased its holdings in Flushing Financial by 16.1% during the 2nd quarter. American Century Companies Inc. now owns 452,209 shares of the bank’s stock valued at $5,947,000 after purchasing an additional 62,659 shares during the period. Acadian Asset Management LLC lifted its holdings in Flushing Financial by 38.1% in the 2nd quarter. Acadian Asset Management LLC now owns 370,758 shares of the bank’s stock worth $4,874,000 after buying an additional 102,219 shares during the period. Princeton Capital Management LLC purchased a new position in shares of Flushing Financial during the second quarter valued at approximately $145,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Flushing Financial by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 208,057 shares of the bank’s stock valued at $2,736,000 after acquiring an additional 3,984 shares in the last quarter. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

Flushing Financial Stock Performance

Shares of Flushing Financial stock opened at $14.08 on Friday. The company has a market capitalization of $409.29 million, a PE ratio of 14.08 and a beta of 0.76. Flushing Financial Co. has a 52 week low of $10.74 and a 52 week high of $18.00. The stock’s fifty day moving average is $14.14 and its two-hundred day moving average is $13.03. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.98.

Flushing Financial (NASDAQ:FFIC) last posted its earnings results on Monday, July 29th. The bank reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. The business 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 EPS. As a group, analysts expect that Flushing Financial Co. will post 0.71 earnings per share for the current year.

Flushing Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date of this dividend was Friday, September 6th. Flushing Financial’s dividend payout ratio is presently 88.00%.

Insider Buying and Selling at Flushing Financial

In other news, COO Maria A. Grasso sold 4,500 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $13.49, for a total transaction of $60,705.00. Following the completion of the sale, the chief operating officer now owns 83,238 shares of the company’s stock, valued at $1,122,880.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.31% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FFIC. Raymond James boosted their target price on shares of Flushing Financial from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. StockNews.com lowered shares of Flushing Financial from a “hold” rating to a “sell” rating in a research note on Monday, July 8th. Keefe, Bruyette & Woods raised their price objective on Flushing Financial from $13.00 to $15.00 and gave the company a “market perform” rating in a research report on Thursday, August 1st. Finally, Piper Sandler lowered shares of Flushing Financial from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $15.00 to $16.50 in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Flushing Financial has an average rating of “Hold” and a consensus target price of $15.50.

Flushing Financial 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.