John R. Buran, President and CEO of Flushing Financial Corp (NASDAQ:FFIC), has recently purchased shares in the company amid an 11% decline in stock price over the past week. According to a recent SEC filing, Buran acquired 2,295 shares of common stock at a price of $15.25 per share. The $445 million market cap company currently trades at 0.67 times book value and offers a 5.8% dividend yield, having maintained dividend payments for 29 consecutive years. InvestingPro analysis suggests the stock is currently undervalued. This transaction, totaling approximately $34,998, was part of an underwritten public offering by the company.
Following this purchase, Buran now directly owns 113,372 shares of Flushing Financial Corp. Additionally, he holds 113,125 shares indirectly through a 401(k) plan, as of December 13, 2024. The public offering is expected to close around December 16, 2024, subject to customary closing conditions.
In other recent news, Flushing Financial Corporation has been making significant strides. The company reported robust third quarter results, marking the strongest performance in seven years, with GAAP earnings per share posted at $0.30 and core earnings at $0.26. In addition, there was a notable growth in net interest income by 6.6%, and an improvement in net interest margin by five basis points.
Analysts at Raymond (NS:RYMD) James and DA Davidson have both adjusted their stock price targets for the company, citing Flushing Financial's recent strategic initiatives and their potential positive impact on the company's future earnings. Raymond James increased its price target to $19.00 from the previous $17.00, maintaining an Outperform rating. DA Davidson, on the other hand, raised their target to $16.00 from the previous $14.00, while maintaining a neutral rating.
Flushing Financial also recently announced a significant $70 million common equity raise aimed at restructuring its balance sheet, a move intended to enhance profitability and expedite an improvement in earnings. Other recent developments include a strategic focus on community involvement and growth potential in Asian markets. These developments, coupled with the company's strong financial foundation, have led to increased confidence in the company's trajectory and its potential to achieve better valuation and profitability in the forthcoming period.
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