Hennessy Advisors Inc. has reported a significant increase in its holdings of Flushing Financial Co. during the second quarter, according to the company’s recent 13F filing with the Securities & Exchange Commission. The financial services firm revealed that it now owned approximately 240,000 shares of Flushing Financial, representing a 147.6% growth from its previous position. This translates to an additional 143,052 shares purchased during the reporting period.
At the end of the second quarter, Hennessy Advisors Inc.’s stake in Flushing Financial was valued at around $2,950,000. Although this figure represents just 0.81% ownership of Flushing Financial, it demonstrates Hennessy Advisors’ confidence in the bank’s potential and growth prospects.
Flushing Financial’s positive outlook is further bolstered by its recent announcement regarding a quarterly dividend payment. The company has disclosed that it intends to pay a dividend of $0.22 per share on Friday, September 29th. To be eligible for this dividend, investors must have held stock in Flushing Financial on record as of Friday, September 8th.
This $0.22 per share payout amounts to an annualized dividend of $0.88 and presents investors with a dividend yield of 6.91%. These figures indicate that Flushing Financial aims to reward its shareholders by sharing its profits through regular dividends.
Additionally, it is worth noting that Thursday, September 7th marks the ex-dividend date for this particular payment. Investors who purchase shares after this date will not be entitled to receive the upcoming dividend.
Flushing Financial’s dividend payout ratio (DPR) currently stands at 56.41%. While this figure shows that more than half of their earnings are distributed to shareholders, it also suggests that there is ample room for future increases in their dividends if they decide to do so.
In conclusion, Hennessy Advisors Inc.’s increased holdings in Flushing Financial indicate the firm’s belief in the bank’s growth potential. Furthermore, Flushing Financial’s commitment to paying regular dividends demonstrates their dedication to rewarding their shareholders. Investors will undoubtedly be watching closely as this financial institution continues to navigate the ever-evolving market landscape.
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Institutional Investors Show Interest in Flushing Financial Co. as Hedge Funds Modify Holdings
Flushing Financial Co. (NASDAQ: FFIC), a banking and financial services company, has recently seen several hedge funds modifying their holdings of the company. This comes as Ensign Peak Advisors Inc acquired a new stake in Flushing Financial during the third quarter, valued at $38,000. In addition, Quadrant Capital Group LLC raised its holdings in Flushing Financial by 108.0% during the fourth quarter, bringing its ownership to 2,610 shares worth $51,000 after purchasing an additional 1,355 shares during the period.
Another institutional investor, Great West Life Assurance Co. Can, increased its holdings in the bank by 29.7% during the first quarter. The company now owns 2,740 shares of Flushing Financial’s stock worth $64,000 after acquiring an additional 628 shares during the period. Signaturefd LLC has also significantly increased its own stake in the bank’s shares by 1,007.1% in the first quarter. With this recent transaction, Signaturefd LLC now owns 5,281 shares of Flushing Financial valued at $79,000 after acquiring an additional 4,804 shares during that period.
Furthermore, First Manhattan CO. LLC entered into a new position with Flushing Financial during the first quarter for a value of $149,000.
As it stands now following these transactions and with other institutional investors involved in its stock ownership analysis reports show that approximately 62.87% of Flushing Financial is owned by institutional investors.
Various industry analysts have weighed in on Flushing Financial’s prospects and performance lately as well. Raymond James initiated coverage on FFIC with an “outperform” rating and set a price target of $17 on August 31st. Similarly, DA Davidson raised their price target for FFIC from $12 to $16 on July 27th following their research report.
Recent market activity shows that NASDAQ FFIC opened at $12.74 on Tuesday, September 26th. The company’s 50-day simple moving average stands at $14.39, while the two-hundred day simple moving average reached $13.53.
As of now, Flushing Financial has a quick ratio and a current ratio of 1.04, indicating a fairly stable financial standing for the company. The debt-to-equity ratio stands at 1.28.
With regards to its stock performance over the past year, Flushing Financial experienced a fluctuation between its low of $9.28 and high of $21.55.
In terms of earnings, Flushing Financial reported an EPS (earnings per share) of $0.26 for the last quarter, surpassing the consensus estimate of $0.19 by $0.07. The bank achieved a net margin of 12.73% and a return on equity of 7.01%.
The bank’s revenue for the quarter amounted to $48.50 million, exceeding analyst estimates which predicted it would reach only $45.30 million.
Taking all these factors into account, equity analysts are projecting that Flushing Financial Co.’s earnings per share for the current year will be around $0.81.
Overall, Flushing Financial Co.’s recent activity in terms of hedge fund modifications and institutional investor involvement along with positive analyst ratings indicate potential growth prospects for the company in the near future.
Disclaimer: The information presented above is based on public sources and analysis reports available as of September 26, 2023 and should not be considered as financial advice or recommendation to invest in any stock mentioned above.
