Flushing Financial Corp (NASDAQ:FFIC) SEVP/CFO Susan Cullen has acquired additional shares of the company, as indicated by a recent SEC filing. The transaction took place on May 10, 2024, with Cullen purchasing 600 shares of common stock at a weighted average price of $12.46 per share. The total value of the shares acquired amounts to $7,476.
The purchase price per share for this transaction varied slightly, ranging from $12.44 to $12.50. Following the acquisition, Cullen now directly owns 73,407 shares of Flushing Financial Corp. Additionally, it was noted that Cullen holds 15,447 shares indirectly through the Flushing Bank 401k Savings Plan as of May 13, 2024.
This move by the company's SEVP/CFO may be seen by investors as a sign of her confidence in the financial institution's future prospects. Flushing Financial Corp, a state commercial bank headquartered in Uniondale, New York, has not released any official statement regarding this transaction. The details of the stock purchase were made public through the mandatory filing with the SEC.
Investors often monitor insider buying as it can provide insights into how the top executives view the company's current valuation and future performance. While the motivations behind Cullen's purchase have not been disclosed, such transactions are regularly reported and can be an indicator of the company's internal sentiment.
Flushing Financial Corp's stock performance and any potential impact from this insider transaction remain to be seen as the market processes this new information.
InvestingPro Insights
Following the recent insider share acquisition by Flushing Financial Corp's (NASDAQ:FFIC) SEVP/CFO Susan Cullen, investors may be interested in the broader financial metrics and market performance of the company. According to the latest data from InvestingPro, Flushing Financial Corp has a market capitalization of $364.23 million, with a Price/Earnings (P/E) ratio of 13.16. The company's Price/Earnings ratio for the last twelve months as of Q1 2024 stands at a slightly lower 12.87, reflecting a modest valuation relative to earnings.
InvestingPro Tips highlight that Flushing Financial Corp has maintained dividend payments for 29 consecutive years, which may be a point of interest for income-focused investors. The company's dividend yield as of mid-May 2024 is 7.01%, a significant return for shareholders. Additionally, the company has experienced a strong return over the last month, with a 13.26% increase in price total return. This could signal a positive market sentiment and aligns with the insider buying activity.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, including insights on earnings revisions and profitability expectations. With the provided coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering access to a wealth of financial data and expert analysis to inform investment decisions.
While Flushing Financial Corp faces challenges such as weak gross profit margins and an expected drop in net income this year, the company's long-standing commitment to dividend payments and recent stock performance may offer a balanced view for potential investors. For those interested in exploring further, additional tips are listed on InvestingPro, offering a comprehensive look at the company's financial health and future prospects.
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