Michael Azarian, a director at Flushing Financial Corp (NASDAQ:FFIC), recently purchased 1,180 shares of the company's common stock. The shares were acquired at a price of $15.25 each, totaling $17,995. The 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 was part of an underwritten public offering of common stock by the company, which is expected to close on or about December 16, 2024, pending customary closing conditions. Following this purchase, Azarian holds 33,691 shares directly. The $445 million market cap company maintains a strong 29-year dividend payment history, currently offering a 5.8% yield. For deeper insights into FFIC's valuation and financial health metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Flushing Financial Corporation reported robust third quarter results, marking its strongest performance in recent years. The company's GAAP earnings per share were posted at $0.30 and core earnings at $0.26, with significant growth seen in net interest income, which rose by 6.6%. The bank recently announced a significant $70 million common equity raise aimed at restructuring its balance sheet to enhance profitability and improve earnings.
Analysts from Raymond (NS:RYMD) James and DA Davidson revised their price targets for Flushing Financial, expressing confidence in the bank's trajectory. Raymond James increased its price target to $19.00 from the previous $17.00, maintaining an Outperform rating. DA Davidson, meanwhile, adjusted their stock price target for the company to $16.00 from the previous $14.00, maintaining a neutral rating.
These adjustments followed several recent developments at Flushing Financial. The company demonstrated notable deposit growth at a 39% annualized rate and a moderate loan growth of 2%. It 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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