Investing

Gamco Investors, Inc. Et Al Now Owns 3.91% of Flushing Financial (FFIC)

George Maybach

Published: July 12, 2023 3:14 am

Fintel reports that Gamco Investors, Inc. Et Al has filed a 13D/A form with the SEC disclosing ownership of 1.15MM shares of Flushing Financial Corp. (FFIC). This represents 3.91% of the company.

In their previous filing dated February 8, 2021 they reported 1.05MM shares and 3.42% of the company, an increase in shares of 9.35% and an increase in total ownership of 0.49% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 16.57% Upside

As of July 6, 2023, the average one-year price target for Flushing Financial is 14.28. The forecasts range from a low of 12.12 to a high of $15.75. The average price target represents an increase of 16.57% from its latest reported closing price of 12.25.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Flushing Financial is 235MM, an increase of 2.37%. The projected annual non-GAAP EPS is 1.75.

What is the Fund Sentiment?

There are 314 funds or institutions reporting positions in Flushing Financial. This is a decrease of 12 owner(s) or 3.68% in the last quarter. Average portfolio weight of all funds dedicated to FFIC is 0.07%, a decrease of 10.92%. Total shares owned by institutions decreased in the last three months by 4.16% to 22,659K shares. The put/call ratio of FFIC is 1.01, indicating a bearish outlook.

What are Other Shareholders Doing?

Frontier Capital Management Co holds 1,565K shares representing 5.31% ownership of the company. In its prior filing, the firm reported owning 1,628K shares, representing a decrease of 4.07%. The firm decreased its portfolio allocation in FFIC by 29.90% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 829K shares representing 2.81% ownership of the company. No change in the last quarter.

Aristotle Capital Boston holds 704K shares representing 2.39% ownership of the company. In its prior filing, the firm reported owning 707K shares, representing a decrease of 0.40%. The firm decreased its portfolio allocation in FFIC by 25.03% over the last quarter.

DFSVX – U.s. Small Cap Value Portfolio – Institutional Class holds 678K shares representing 2.30% ownership of the company. In its prior filing, the firm reported owning 761K shares, representing a decrease of 12.13%. The firm decreased its portfolio allocation in FFIC by 37.66% over the last quarter.

EQ ADVISORS TRUST – 1290 VT GAMCO Small Company Value Portfolio Class IA holds 677K shares representing 2.30% ownership of the company. In its prior filing, the firm reported owning 632K shares, representing an increase of 6.65%. The firm decreased its portfolio allocation in FFIC by 21.46% over the last quarter.

Flushing Financial Declares $0.22 Dividend

On May 16, 2023, the company declared a regular quarterly dividend of $0.22 per share ($0.88 annualized). Shareholders of record as of June 2, 2023, received the payment on June 23, 2023. Previously, the company paid $0.22 per share.

At the current share price of $12.25 / share, the stock’s dividend yield is 7.18%.

Looking back five years and taking a sample every week, the average dividend yield has been 4.57%, the lowest has been 2.94%, and the highest has been 9.02%. The standard deviation of yields is 1.40 (n=235).

The current dividend yield is 1.86 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 0.41. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.05%, demonstrating that it has increased its dividend over time.

Flushing Financial Background Information
(This description is provided by the company.)

Flushing Financial Corporation is the holding company for Flushing Bank®, a New York State—chartered commercial bank insured by the Federal Deposit Insurance Corporation.

This article originally appeared on Fintel