Flushing Financial Corporation (NASDAQ:FFIC) Second-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

It's been a mediocre week for Flushing Financial Corporation (NASDAQ:FFIC) shareholders, with the stock dropping 11% to US$14.73 in the week since its latest quarterly results. Results were roughly in line with estimates, with revenues of US$47m and statutory earnings per share of US$0.18. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

See our latest analysis for Flushing Financial

Taking into account the latest results, Flushing Financial's four analysts currently expect revenues in 2024 to be US$190.5m, approximately in line with the last 12 months. Statutory earnings per share are expected to fall 18% to US$0.70 in the same period. In the lead-up to this report, the analysts had been modelling revenues of US$190.8m and earnings per share (EPS) of US$0.72 in 2024. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates.

There were no changes to revenue or earnings estimates or the price target of US$14.63, suggesting that the company has met expectations in its recent result. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Flushing Financial, with the most bullish analyst valuing it at US$17.00 and the most bearish at US$12.00 per share. There are definitely some different views on the stock, but the range of estimates is not wide enough as to imply that the situation is unforecastable, in our view.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 0.2% by the end of 2024. This indicates a significant reduction from annual growth of 4.6% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 6.3% per year. It's pretty clear that Flushing Financial's revenues are expected to perform substantially worse than the wider industry.

The Bottom Line

The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. The consensus price target held steady at US$14.63, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Flushing Financial going out to 2025, and you can see them free on our platform here..

You still need to take note of risks, for example - Flushing Financial has 2 warning signs we think you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com