Flushing Financial Co. (NASDAQ:FFIC) Sees Significant Growth in Short Interest

Flushing Financial Co. (NASDAQ:FFIC) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 600,200 shares, an increase of 30.9% from the December 15th total of 458,600 shares. Based on an average trading volume of 297,400 shares, the days-to-cover ratio is presently 2.0 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Flushing Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.50.

Insider Activity

In related news, Director Sam Sang Ki Han sold 10,000 shares of Flushing Financial stock in a transaction on Friday, November 1st. The stock was sold at an average price of $15.47, for a total value of $154,700.00. Following the transaction, the director now owns 67,251 shares in the company, valued at approximately $1,040,372.97. This trade represents a 12.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Astrid Burrowes sold 8,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $16.19, for a total value of $129,520.00. Following the completion of the transaction, the chief accounting officer now owns 34,853 shares in the company, valued at approximately $564,270.07. This trade represents a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.31% of the company’s stock.

Hedge Funds Weigh In On Flushing Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FFIC. Geode Capital Management LLC grew its stake in shares of Flushing Financial by 0.7% in the third quarter. Geode Capital Management LLC now owns 694,216 shares of the bank’s stock worth $10,124,000 after purchasing an additional 5,128 shares in the last quarter. Dana Investment Advisors Inc. boosted its holdings in shares of Flushing Financial by 11.5% in the second quarter. Dana Investment Advisors Inc. now owns 453,198 shares of the bank’s stock valued at $5,960,000 after acquiring an additional 46,800 shares in the last quarter. American Century Companies Inc. raised its holdings in Flushing Financial by 16.1% during the second quarter. American Century Companies Inc. now owns 452,209 shares of the bank’s stock worth $5,947,000 after purchasing an additional 62,659 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Flushing Financial in the third quarter worth approximately $4,936,000. Finally, Renaissance Technologies LLC boosted its stake in Flushing Financial by 4.7% during the second quarter. Renaissance Technologies LLC now owns 334,900 shares of the bank’s stock valued at $4,404,000 after buying an additional 15,000 shares in the last quarter. 67.10% of the stock is currently owned by institutional investors and hedge funds.

Flushing Financial Stock Performance

Shares of FFIC traded down $0.19 during midday trading on Friday, hitting $14.76. 198,729 shares of the stock traded hands, compared to its average volume of 539,370. The business’s 50 day moving average price is $15.99 and its two-hundred day moving average price is $14.97. The firm has a market capitalization of $496.82 million, a PE ratio of 16.97 and a beta of 0.81. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.94 and a current ratio of 0.94. Flushing Financial has a 1-year low of $10.74 and a 1-year high of $18.59.

Flushing Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 5.96%. The ex-dividend date was Friday, December 6th. Flushing Financial’s dividend payout ratio (DPR) is 101.15%.

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.