Douglas J. McClintock, Senior Executive Vice President of Flushing Financial Corp (NASDAQ:FFIC), recently acquired 3,278 shares of the company's common stock. The purchase, valued at approximately $49,989, was made at a price of $15.25 per share. This insider purchase comes as the stock has experienced an 11% decline over the past week, though InvestingPro analysis suggests the stock is currently undervalued. This transaction increases McClintock's direct ownership to 8,199 shares. Additionally, McClintock holds 530 shares indirectly through a 401(k) plan. The acquisition was part of an underwritten public offering, which is expected to close around December 16, 2024, pending customary closing conditions. The $444 million market cap company has maintained dividend payments for 29 consecutive years, currently offering a 5.8% yield. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access the detailed Pro Research Report, which covers what really matters about FFIC's financial health and future prospects.
In other recent news, Flushing Financial Corporation has been making strides with its robust third quarter results, marking the strongest performance in seven years. The company's GAAP earnings per share were posted at $0.30 and core earnings at $0.26, with a significant growth observed in net interest income, which rose by 6.6%. The bank also recently announced a $70 million common equity raise aimed at restructuring its balance sheet to enhance profitability and expedite an improvement in earnings.
Following these developments, Raymond (NS:RYMD) James increased its price target for Flushing Financial to $19.00 from the previous $17.00, maintaining its Outperform rating. The firm’s confidence in the bank's potential for growth was influenced by factors such as the impact of lower short-term rates, the repricing of short-duration certificate of deposit books, and upward repricing of fixed-rate loans.
On the other hand, DA Davidson set a new stock price target for Flushing Financial at $16.00, maintaining a neutral rating. This adjustment was influenced by the company's pre-provision net revenue that surpassed expectations, attributed to improved net interest income, fees, and operating expenses.
The bank aims to further expand its net interest margin as funding costs stabilize and loans reprice higher. Flushing Financial Corporation reported strong liquidity with $3.9 billion on hand and uninsured deposits accounting for 15%. The bank's strategic focus on community involvement and growth potential in Asian markets are among the recent developments.
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