UNIONDALE, N.Y.—Han Sam Sang Ki, a director at Flushing Financial Corp (NASDAQ:FFIC), recently sold a significant portion of the company's stock. According to a recent SEC filing, Han sold 10,000 shares of common stock on November 1 at a price of $15.47 per share, totaling $154,700. Following this transaction, Han maintains ownership of 67,251 shares in the company.
The transaction was executed under the authority of Russell A. Fleishman, acting under a power of attorney granted by Han. Flushing Financial Corp, headquartered in Uniondale, New York, is a state commercial bank providing a range of financial services.
In other recent news, Flushing Financial Corporation reported its most successful quarter in seven years, with GAAP earnings per share of $0.30 and core earnings of $0.26. The company highlighted a significant increase in net interest income and an improvement in its net interest margin, attributing these gains to higher net interest and insurance recoveries. These recent developments show the company's strategic approach to maintaining credit discipline and expanding net interest margins for long-term profitability.
The company's liquidity remains robust with $3.9 billion on hand, and it anticipates further expansion of net interest margin as funding costs stabilize and loans reprice higher. Flushing Financial is also targeting a 10% return on tangible common equity over the cycle and aims for a 3% net interest margin in the future.
In addition, Flushing Financial sees growth potential in the Asian markets and is focusing on community involvement to enhance customer loyalty and brand integration. The company expects stable loan balances and an improved funding mix, with funding costs having likely peaked. Despite acknowledging a challenging rate environment and the impact it has on operations, Flushing Financial remains optimistic about achieving long-term profitability.
InvestingPro Insights
Following Han Sam Sang Ki's recent sale of 10,000 shares of Flushing Financial Corp (NASDAQ:FFIC), investors may be interested in additional context regarding the company's financial health and market performance.
According to InvestingPro data, FFIC's market capitalization stands at $447.95 million, with a price-to-earnings ratio of 17.6. The company's revenue for the last twelve months as of Q3 2024 was $193.89 million, showing a growth of 4.64% over the same period.
One of the InvestingPro Tips highlights that FFIC has maintained dividend payments for 29 consecutive years, which may be attractive to income-focused investors. The current dividend yield is 5.79%, based on the most recent data. This consistent dividend history suggests a commitment to shareholder returns, even as the company navigates various market conditions.
Another InvestingPro Tip notes that FFIC has shown a strong return over the last three months. Indeed, the data confirms a 22.68% price total return over the past three months, and an even more impressive 29.28% return over the past six months. This recent performance might provide some context for the director's decision to sell shares, possibly capitalizing on the stock's upward momentum.
It's worth noting that while the company has demonstrated strong recent performance, an InvestingPro Tip cautions that FFIC suffers from weak gross profit margins. Investors may want to consider this factor alongside the positive trends when evaluating the stock.
For those seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for FFIC, providing a deeper dive into the company's financial health and market position.
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