Maria A. Grasso, the Senior Executive Vice President and Chief Operating Officer (COO) of Flushing Financial Corp (NASDAQ:FFIC), has sold a significant number of company shares, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on August 20, 2024, involved the sale of 4,500 shares of common stock at a weighted average price of $13.49 per share, falling within a price range of $13.49 to $13.51.
The total value of the shares sold by Grasso amounts to approximately $60,705. Following the sale, Grasso still holds a substantial number of shares directly, with 83,238 shares remaining in her possession. Additionally, the filing noted that there are holdings in indirect forms, such as 12,562 shares held in the Flushing Bank 401K Savings Plan and 655 shares owned by the spouse of the reporting owner.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the company's health and the confidence levels of its top executives. The sale by a high-ranking executive like Grasso may be of particular interest to current and potential shareholders.
Flushing Financial Corp, the parent company of Flushing Bank, is a community bank offering a range of banking and financial services. The bank operates primarily within the New York Metropolitan area and is known for its personalized customer service and community involvement.
This recent transaction was signed off by Russell A. Fleishman, acting under Power of Attorney for Maria A. Grasso, and was filed on August 22, 2024. Shareholders and potential investors can access the full details of the transaction in the SEC filing to better understand the context of the sale within the executive's portfolio.
In other recent news, Flushing Financial Corporation reported a stable second quarter in 2024 with an earnings per share (EPS) of $0.18, despite a challenging rate environment. The company has been focusing on increasing net interest margin (NIM), maintaining credit discipline, preserving liquidity and capital, and managing expenses. Even though the cost of deposits rose by 11 basis points, Flushing Financial expects an improvement in NIM once funding costs stabilize. The bank's loan portfolio remains well-collateralized with low-risk credit metrics, and it plans to continue investing in the franchise for long-term profitability. In the face of these developments, the bank anticipates stable loan balances and mid-single digit expense growth for 2024. While the company is working on reducing its concentration of real estate loans, there is potential for growth in loans and deposits, especially in Asian markets. Flushing Financial remains optimistic about leveraging potential rate cuts to benefit its margin and continue its growth trajectory.
InvestingPro Insights
As investors assess the implications of the recent insider sale at Flushing Financial Corp (NASDAQ:FFIC), it's important to consider the broader financial context in which this transaction occurred. According to InvestingPro data, Flushing Financial Corp has a market capitalization of $392.72 million and a Price to Earnings (P/E) ratio of 16.17, which adjusts to 15.8 when looking at the last twelve months as of Q2 2024. While the company has experienced some revenue contraction, with a -7.52% change over the last twelve months as of Q2 2024, it maintains a robust operating income margin of 21.1% for the same period.
Furthermore, one of the InvestingPro Tips indicates that Flushing Financial Corp pays a significant dividend to shareholders, which is supported by a strong history of maintained dividend payments for 29 consecutive years. The dividend yield as of the latest data stands at an attractive 6.5%. This could signal a commitment to returning value to shareholders despite the recent sale by the COO. Another tip to consider is that analysts predict the company will be profitable this year, which aligns with the company's positive performance over the last twelve months.
For shareholders evaluating the potential impact of insider transactions on their investment decisions, these financial metrics and insights can provide a more comprehensive view of the company's performance and outlook. For more detailed analysis and additional InvestingPro Tips, interested parties can visit https://www.investing.com/pro/FFIC, where a total of 8 tips are available to help inform investment strategies.
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