Kelly Theresa, Executive Vice President of Flushing Financial Corp (NASDAQ:FFIC), recently purchased 1,311 shares of the company's common stock. The shares were acquired at a price of $15.25 each, totaling approximately $19,992. This transaction was part of an underwritten public offering by the company, expected to close around December 16, 2024, pending customary closing conditions. The purchase comes as InvestingPro data shows the stock has experienced an 11% decline over the past week, though analysis indicates the stock is currently undervalued. The $443 million market cap company maintains a notable 5.83% dividend yield and has consistently paid dividends for 29 consecutive years.
Following this purchase, Theresa's direct ownership stands at 44,986 shares. Additionally, she holds 30,516 shares indirectly through a 401(k) plan associated with Flushing Bank as of December 13, 2024. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the full FFIC research report on InvestingPro, which includes additional ProTips and detailed valuation metrics.
In other recent news, Flushing Financial Corporation has been gaining attention due to its robust third quarter results, marking the strongest performance in seven years. The company reported GAAP earnings per share of $0.30 and core earnings at $0.26, alongside a significant growth in net interest income, which rose by 6.6%, and an improvement in net interest margin by five basis points. The firm also recently announced a $70 million common equity raise aimed at restructuring its balance sheet to enhance profitability and expedite an improvement in earnings.
Raymond (NS:RYMD) James and DA Davidson, two analyst firms, have made positive adjustments to Flushing Financial's future outlook. Raymond James increased its price target to $19.00 from the previous $17.00 and maintained an Outperform rating, indicating confidence in the bank's potential for growth. DA Davidson raised their stock price target for the company to $16.00 from the previous $14.00, maintaining a neutral rating.
These recent developments in Flushing Financial Corporation are driven by several factors, including the impact of lower short-term rates, the repricing of short-duration certificate of deposit books, and upward repricing of fixed-rate loans. The firm also reported strong liquidity with $3.9 billion on hand and uninsured deposits accounting for 15%. Despite a challenging rate environment, the company maintains a positive outlook, expecting stable loan balances and an improved funding mix.
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