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

Flushing Financial Co. (NASDAQ:FFIC) announced a quarterly dividend on Wednesday, May 29th, Zacks reports. Investors of record on Monday, June 10th will be given a dividend of 0.22 per share by the bank on Friday, June 21st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date is Monday, June 10th.

Flushing Financial has increased its dividend by an average of 1.6% per year over the last three years. Flushing Financial has a payout ratio of 76.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Flushing Financial to earn $1.17 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 75.2%.

Flushing Financial Stock Performance

NASDAQ:FFIC opened at $12.48 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 0.97. Flushing Financial has a 52-week low of $10.74 and a 52-week high of $18.00. The firm has a market cap of $362.79 million, a price-to-earnings ratio of 12.48 and a beta of 0.75. The business’s fifty day moving average is $12.16 and its 200 day moving average is $13.79.

Flushing Financial (NASDAQ:FFIC) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Flushing Financial had a net margin of 6.81% and a return on equity of 4.31%. The company had revenue of $112.58 million for the quarter, compared to the consensus estimate of $47.12 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Research analysts predict that Flushing Financial will post 0.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FFIC. StockNews.com lowered Flushing Financial from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Keefe, Bruyette & Woods cut their price objective on Flushing Financial from $14.00 to $13.00 and set a “market perform” rating on the stock in a research report on Friday, April 26th. Finally, DA Davidson cut their price objective on Flushing Financial from $17.00 to $13.50 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th.

About Flushing Financial

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.