Maria A. Grasso, Senior Executive Vice President at Flushing Financial Corp (NASDAQ:FFIC), has purchased 1,000 shares of the company's common stock. The timing is notable as the stock has declined over 11% in the past week, according to InvestingPro data. The shares were acquired at a price of $15.25 each, amounting to a total transaction value of $15,250. This purchase was made as part of an underwritten public offering expected to close around December 16, 2024, pending customary closing conditions. The $444.46 million market cap company currently offers a 5.83% dividend yield and has maintained dividend payments for 29 consecutive years. Following this transaction, Grasso holds a total of 84,238 shares directly. Additionally, she maintains indirect ownership of shares through a 401(k) plan and shares held by her spouse. According to InvestingPro's Fair Value analysis, the stock currently appears undervalued, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Flushing Financial Corporation has been making significant strides in its financial performance. The company reported its strongest quarter in seven years, with GAAP earnings per share at $0.30 and core earnings at $0.26. This robust performance was accompanied by a notable 6.6% increase in net interest income and an improvement in net interest margin by five basis points.
Flushing Financial also recently announced a $70 million common equity raise, aimed at restructuring its balance sheet to enhance profitability and expedite improvements in earnings. This strategic move was highlighted by Raymond (NS:RYMD) James, which increased its price target for the company to $19.00 from the previous $17.00, maintaining an Outperform rating.
DA Davidson also adjusted their stock price target for the company to $16.00 from the previous $14.00, maintaining a neutral rating. This decision was influenced by the company's pre-provision net revenue that surpassed expectations, credited to improved net interest income, fees, and operating expenses.
Additionally, Flushing Financial demonstrated notable deposit growth at a 39% annualized rate and a moderate loan growth of 2%. The company also reported strong liquidity with $3.9 billion on hand and uninsured deposits accounting for 15%.
Despite a challenging rate environment, Flushing Financial maintains a positive outlook, expecting stable loan balances and an improved funding mix. The company's strategic focus on community involvement and growth potential in Asian markets are among the recent developments.
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