Uniondale, NY—Astrid Burrowes, Executive Vice President and Chief Administrative Officer of Flushing Financial Corp (NASDAQ:FFIC), recently sold 8,000 shares of the company's common stock. The transaction, completed on October 31, was executed at a price of $16.19 per share, totaling $129,520.
Following the sale, Burrowes holds 34,853 shares directly. Additionally, Burrowes has an indirect ownership of 27,847 shares through a 401(k) plan. The sale was disclosed in a filing with the Securities and Exchange Commission, signed by Russell A. Fleishman under power of attorney on November 1.
In other recent news, Flushing Financial Corporation, the parent company of Flushing Bank, has reported its most successful quarter in seven years. The company's Q3 2024 earnings report highlighted GAAP earnings per share of $0.30 and core earnings of $0.26. The bank has also seen a significant increase in net interest income along with an improvement in its net interest margin, which it attributes to higher net interest and insurance recoveries.
Flushing Financial's management has expressed optimism about long-term profitability, targeting a 10% return on tangible common equity and a 3% net interest margin. The bank also anticipates further expansion of net interest margin as funding costs stabilize and loans reprice higher. Notably, the company's loan-to-value ratio in its real estate portfolio is at 36%, with non-performing assets at 59 basis points, indicating a disciplined credit culture.
Among recent developments, the bank is identifying growth opportunities in the Asian markets and is focusing on community involvement for enhancing customer loyalty. Despite acknowledging a challenging rate environment, the bank is comfortable with its current commercial real estate concentration and expects a full recovery on a problematic office property. These are part of Flushing Financial's strategic approach to navigate the current economic landscape.
InvestingPro Insights
As Astrid Burrowes reduces her stake in Flushing Financial Corp (NASDAQ:FFIC), investors might be curious about the company's current financial standing and future prospects. According to InvestingPro data, FFIC has a market capitalization of $447.08 million and a P/E ratio of 17.65, suggesting a moderate valuation relative to its earnings.
Despite the recent insider sale, there are some positive indicators for the company. An InvestingPro Tip highlights that FFIC has maintained dividend payments for 29 consecutive years, which may appeal to income-focused investors. The current dividend yield stands at an attractive 5.61%, based on the most recent data.
Another InvestingPro Tip notes that FFIC has shown a strong return over the last month, with price data confirming a 12.93% total return in the past month and an impressive 41.56% over the last six months. This recent performance might indicate growing investor confidence in the company's prospects.
For those interested in a more comprehensive analysis, InvestingPro offers 5 additional tips and a range of financial metrics to help investors make informed decisions about Flushing Financial Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.