Flushing Financial Stock: Mario Gabelli, Gamco Buy More
Flushing Financial stock: Mario Gabelli, the manager of the activist hedge fund Gamco Investors, recently added over 192,000 shares to Flushing Financial Corporation (NASDAQ:FFIC). In this way, according to a filing with the Securities and Exchange Commission from today, Gamco currently owns about 756,800 shares of the company, which at the current price of the stock amounts to $13.9 million.
Flushing Financial Corporation, whose primary activity involve the operation of its subsidiary, Flushing Savings Bank, reported earnings per share up by 50% on the quarter, which amounted to $0.33 per share. At the same time, Flushing Financial Corporation managed to reduce the amount of its non-performing, delinquent, and classified loans by 16%, 12.6% and 10.4% on the quarter respectively. In this way, these loans totalled $73.9 million, $126.3 million, and $103.5 million respectively.
Through the recent purchase of shares, Mario Gabelli continues to be bullish on Flushing Financial stock, after adding 186,400 shares during the second quarter of 2013, and adding small amounts during the previous quarters. We should also mention some other Mario Gabelli's peers from the hedge fund universe who also held shares of Flushing Financial Corporation in the latest round of 13F filings, such as: Ken Gray and Steve Walsh, managers of Bryn Mawr Capital, Irving Kahn of Kahn Brothers, or Neil Chriss, the manager of Hutchin Hill Capital, among others.