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As you might know, Flushing Financial Corporation (NASDAQ:FFIC) recently reported its quarterly numbers. It looks like a credible result overall - although revenues of US$51m were what the analysts expected, Flushing Financial surprised by delivering a (statutory) profit of US$0.50 per share, an impressive 32% above what was forecast. 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. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
Following the latest results, Flushing Financial's three analysts are now forecasting revenues of US$230.0m in 2021. This would be a huge 36% improvement in sales compared to the last 12 months. Statutory earnings per share are predicted to bounce 20% to US$1.70. Before this earnings report, the analysts had been forecasting revenues of US$230.0m and earnings per share (EPS) of US$1.70 in 2021. 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.
With the analysts reconfirming their revenue and earnings forecasts, it's surprising to see that the price target rose 6.7% to US$16.00. It looks as though they previously had some doubts over whether the business would live up to their expectations. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on Flushing Financial, with the most bullish analyst valuing it at US$16.00 and the most bearish at US$14.00 per share. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects.
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. For example, we noticed that Flushing Financial's rate of growth is expected to accelerate meaningfully, with revenues forecast to grow 36%, well above its historical decline of 1.8% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 1.3% per year. So it looks like Flushing Financial is expected to grow faster than its competitors, at least for a while.
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. Fortunately, they also reconfirmed their revenue numbers, suggesting sales are tracking in line with expectations - and our data suggests that revenues are expected to grow faster than the wider industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Flushing Financial going out to 2024, and you can see them free on our platform here..
You can also view our analysis of Flushing Financial's balance sheet, and whether we think Flushing Financial is carrying too much debt, for free on our platform here.
This article by Simply Wall St is general in nature. 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.
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