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Stock impact report

Raymond James downgrades 2 banking stocks after merger announcement [Yahoo! Finance]

Flushing Financial Corporation (FFIC) 
Last flushing financial corporation earnings: 4/28 05:30 pm Check Earnings Report
Company Research Source: Yahoo! Finance
The brokerage cut Flushing Financial to Market Perform from Outperform following its agreement to be acquired by OceanFirst Analyst Steve Moss said the deal price fairly reflects the earnings challenges Flushing has faced in a difficult rate environment and incorporates deal-related risk, even with a more constructive regulatory backdrop. Moss described the transaction as “roughly at-the-market,” noting that Flushing shares were valued at $16.65, or about 79% of tangible book value at announcement. The sale could prove beneficial over the longer term given potential concerns around rent-regulated multifamily exposure in New York, he added. OceanFirst was also downgraded to Market Perform from Strong Buy, with Moss arguing that the acquisition pushes out key catalysts that previously supported a more constructive view on the stock. While he acknowledged that the deal expands OceanFirst's footprint in Long Island and Manhattan and lifts forward EPS estimates, Moss said the tr Show less Read more
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