First of Long Island (FLIC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a strong-buy rating in a research note released on Thursday. Zacks Investment Research currently has $23.00 price target on the bank’s stock.

According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “

Several other equities research analysts have also issued reports on the stock. BidaskClub lowered shares of First of Long Island from a sell rating to a strong sell rating in a research report on Friday, September 21st. ValuEngine lowered shares of First of Long Island from a sell rating to a strong sell rating in a research report on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. First of Long Island has a consensus rating of Hold and an average price target of $27.33.

NASDAQ:FLIC traded down $0.04 during trading hours on Thursday, reaching $20.89. 866 shares of the company were exchanged, compared to its average volume of 50,735. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.11. The company has a market cap of $532.06 million, a P/E ratio of 14.18 and a beta of 0.65. First of Long Island has a 52-week low of $19.09 and a 52-week high of $31.52.

First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings results on Tuesday, October 30th. The bank reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.17. First of Long Island had a net margin of 28.61% and a return on equity of 11.10%. The company had revenue of $23.07 million for the quarter, compared to the consensus estimate of $28.29 million. Research analysts forecast that First of Long Island will post 1.69 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Wednesday, October 10th were given a $0.17 dividend. The ex-dividend date was Tuesday, October 9th. This represents a $0.68 annualized dividend and a dividend yield of 3.26%. This is a positive change from First of Long Island’s previous quarterly dividend of $0.15. First of Long Island’s dividend payout ratio is presently 45.95%.

In other news, insider Michael N. Vittorio sold 3,000 shares of the stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $20.51, for a total value of $61,530.00. Following the completion of the sale, the insider now owns 100,135 shares of the company’s stock, valued at $2,053,768.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.64% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of First of Long Island in the second quarter worth $106,000. Engineers Gate Manager LP acquired a new stake in First of Long Island during the 2nd quarter valued at $222,000. Mackay Shields LLC acquired a new stake in First of Long Island during the 2nd quarter valued at $295,000. Virginia Retirement Systems ET AL acquired a new stake in First of Long Island during the 3rd quarter valued at $355,000. Finally, Bank of America Corp DE grew its holdings in First of Long Island by 51.5% during the 2nd quarter. Bank of America Corp DE now owns 35,773 shares of the bank’s stock valued at $889,000 after purchasing an additional 12,155 shares in the last quarter. 56.07% of the stock is owned by institutional investors.

About First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to privately owned businesses, professionals, consumers, public bodies, and other organizations. Its deposit products include business and small business checking, personal checking products, savings accounts, negotiable order of withdrawal accounts and IOLA, escrow service accounts, rent security accounts, time deposits, holiday club accounts, and individual retirement accounts, as well as personal and non-personal money market and savings products.

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