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

Flushing Financial Co. (NASDAQ:FFIC) declared a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Shareholders 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 5.16%. The ex-dividend date of this dividend is Friday, December 6th.

Flushing Financial has raised its dividend by an average of 1.6% per year over the last three years. Flushing Financial has a payout ratio of 80.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. 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

Shares of Flushing Financial stock opened at $17.07 on Thursday. The stock has a market cap of $496.22 million, a price-to-earnings ratio of 19.62 and a beta of 0.75. Flushing Financial has a twelve month low of $10.74 and a twelve month high of $18.40. The company’s fifty day moving average is $15.39 and its 200 day moving average is $14.07. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.27.

Insiders Place Their Bets

In other news, CAO Astrid Burrowes sold 8,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $16.19, for a total transaction of $129,520.00. Following the completion of the transaction, the chief accounting officer now directly owns 34,853 shares in the company, valued at $564,270.07. The trade was a 18.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sam Sang Ki Han sold 10,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $15.47, for a total transaction of $154,700.00. Following the completion of the transaction, the director now directly owns 67,251 shares in the company, valued at approximately $1,040,372.97. The trade was a 12.94 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.31% of the company’s stock.

Analyst Upgrades and Downgrades

FFIC has been the topic of several research analyst reports. Piper Sandler lowered Flushing Financial from an “overweight” rating to a “neutral” rating and upped their target price for the company from $15.00 to $16.50 in a research report on Tuesday, July 30th. Raymond James increased their price target on Flushing Financial from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods lifted their price objective on shares of Flushing Financial from $13.00 to $15.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Finally, StockNews.com raised shares of Flushing Financial from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. 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 company presently has a consensus 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.