Zacks Investment Research upgraded shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $31.00 price objective on the bank’s stock.
According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “
Several other equities analysts have also weighed in on FLIC. ValuEngine lowered First of Long Island from a buy rating to a hold rating in a research note on Monday, October 2nd. Sandler O’Neill set a $33.00 price target on First of Long Island and gave the company a buy rating in a research note on Wednesday, January 3rd. Finally, BidaskClub lowered First of Long Island from a hold rating to a sell rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $31.33.
First of Long Island (FLIC) traded up $0.25 during midday trading on Wednesday, hitting $28.55. The company’s stock had a trading volume of 71,867 shares, compared to its average volume of 41,704. The stock has a market cap of $703.22, a price-to-earnings ratio of 19.83 and a beta of 0.77. First of Long Island has a twelve month low of $25.60 and a twelve month high of $33.50. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.96 and a quick ratio of 0.96.
First of Long Island (NASDAQ:FLIC) last released its quarterly earnings data on Monday, October 30th. The bank reported $0.38 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.38. The business had revenue of $26.87 million during the quarter, compared to analyst estimates of $27.05 million. First of Long Island had a return on equity of 10.81% and a net margin of 28.36%. sell-side analysts expect that First of Long Island will post 1.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Investors of record on Friday, December 29th were paid a $0.15 dividend. The ex-dividend date was Thursday, December 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.10%. First of Long Island’s dividend payout ratio is presently 41.67%.
In related news, Director Milbrey Rennie Taylor sold 2,079 shares of First of Long Island stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $30.11, for a total value of $62,598.69. Following the completion of the transaction, the director now owns 20,001 shares in the company, valued at approximately $602,230.11. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Donald L. Manfredonia sold 1,000 shares of First of Long Island stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $29.17, for a total value of $29,170.00. Following the completion of the transaction, the executive vice president now owns 108,500 shares of the company’s stock, valued at approximately $3,164,945. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,434 shares of company stock valued at $661,149. 4.83% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in First of Long Island in the 3rd quarter worth about $105,000. Nordea Investment Management AB boosted its holdings in First of Long Island by 32.5% in the 2nd quarter. Nordea Investment Management AB now owns 5,300 shares of the bank’s stock worth $152,000 after buying an additional 1,300 shares during the last quarter. Legal & General Group Plc boosted its holdings in First of Long Island by 12.3% in the 2nd quarter. Legal & General Group Plc now owns 5,752 shares of the bank’s stock worth $164,000 after buying an additional 630 shares during the last quarter. UBS Asset Management Americas Inc. acquired a new stake in First of Long Island in the 2nd quarter worth about $204,000. Finally, GSA Capital Partners LLP acquired a new stake in First of Long Island in the 2nd quarter worth about $227,000. Hedge funds and other institutional investors own 53.63% of the company’s stock.
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First of Long Island Company Profile
The First of Long Island Corporation is a one-bank holding company. The Company provides financial services through its subsidiary, The First National Bank of Long Island (the Bank). Its services include account reconciliation services, bank by mail, personal money orders, bill payment, remote deposit, cash management services, safe deposit boxes, collection services securities transactions, controlled disbursement accounts, signature guarantee services, drive-through banking, merchant credit card services, and investment management and trust services.
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