OceanFirst (OCFC) Acquires Flushing Financial (FFIC) in All-Stock Deal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: Yahoo Finance
- Acquisition Agreement: OceanFirst Financial has announced an all-stock deal to acquire Flushing Financial, with specific transaction details yet to be disclosed, which is expected to enhance the competitive positioning of both companies in the market.
- Market Consolidation Opportunity: This acquisition will help OceanFirst expand its market share in the financial services sector, particularly in the Greater New York area, thereby strengthening its business foundation.
- Shareholder Value Enhancement: Through this transaction, OceanFirst anticipates creating long-term value for shareholders, although it may face integration challenges in the short term, the long-term outlook suggests improved profitability.
- Strategic Expansion Plan: This acquisition aligns with OceanFirst's strategic expansion plan aimed at achieving economies of scale through mergers and enhancing overall operational efficiency and market influence.
FFIC
$16.89+Infinity%1D
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.
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 17.030
Low
14.00
Averages
14.25
High
14.50
Current: 17.030
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.
