Flushing Financial seeks to raise $70 million to shore up capital as it unloads underwater bonds
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 12 2024
0mins
Source: CNBC
Flushing Financial's Capital Raising Efforts: Flushing Financial is looking to raise $70 million by selling low-yielding bonds and loans backed by commercial real estate, which may result in a loss and require issuing new stock at a price lower than its current market value.
Impact of Interest Rates on Community Banks: The bank, along with other community banks under $10 billion in assets, has faced challenges due to rising interest rates, prompting regulators to encourage improvements in capital levels as the market shows signs of recovery.
Analyst Views on FFIC
Wall Street analysts forecast FFIC stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FFIC is 14.25 USD with a low forecast of 14.00 USD and a high forecast of 14.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
0 Buy
3 Hold
0 Sell
Hold
Current: 16.250
Low
14.00
Averages
14.25
High
14.50
Current: 16.250
Low
14.00
Averages
14.25
High
14.50
About FFIC
Flushing Financial Corporation is the holding company for Flushing Bank (the Bank). The Bank offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. The Bank's principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties loans, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family loans; construction loans; small business administration (SBA) loans; mortgage loan surrogates, such as mortgage-backed securities; and United States government securities, corporate fixed-income securities and other marketable securities. The Bank also operates an Internet branch that operates under the brands of iGObanking.com and BankPurely.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
