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Michael Bingold, the Senior Executive Vice President of Flushing Financial Corp (NASDAQ:FFIC), a $439 million market cap financial institution currently trading near its InvestingPro Fair Value, recently executed a stock sale, according to a regulatory filing. On March 12, Bingold sold 5,750 shares of the company’s common stock at a weighted average price of $12.97 per share, amounting to a total transaction value of approximately $74,577. The stock, which offers a notable 6.88% dividend yield and has maintained dividend payments for 30 consecutive years, has recently experienced downward pressure.
Following this transaction, Bingold retains direct ownership of 52,156 shares in Flushing Financial. Additionally, he holds 9,292 shares indirectly through a 401K account with Flushing Bank. The transaction was signed on behalf of Bingold by Russell A. Fleishman under a Power of Attorney. For deeper insights into insider transactions and comprehensive analysis, access the full FFIC Pro Research Report, available exclusively on InvestingPro.
In other recent news, Flushing Financial Corporation reported its fourth-quarter 2024 earnings, revealing a significant shortfall compared to analysts’ expectations. The company announced a GAAP loss per share of $1.61 and core earnings per share of $0.14, which were below the anticipated $0.21. Revenue was also considerably below forecasts, coming in at a negative $19.78 million against the expected $51.02 million. Despite these challenges, Flushing Financial completed a $70 million equity raise in December 2024, aimed at strengthening its capital position. Analysts from firms such as Piper Sandler and D.A. Davidson have been actively engaging with the company, though no specific upgrades or downgrades were mentioned. The financial institution also reported an increase in its net interest margin by 29 basis points on a GAAP basis. Looking ahead, Flushing Financial plans to expand its core net interest margin by 10-15 basis points in 2025 and is exploring opportunities in the Asian market and SBA (LON:SBA) loans. These developments indicate the company’s strategic focus amidst a challenging financial landscape.
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