Zacks Investment Research lowered shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a sell rating in a report published on Friday, Zacks.com reports.
According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “
A number of other brokerages also recently weighed in on FLIC. ValuEngine downgraded shares of First of Long Island from a hold rating to a sell rating in a research report on Tuesday, June 18th. Boenning Scattergood reiterated a hold rating on shares of First of Long Island in a research report on Thursday, May 2nd. Finally, BidaskClub downgraded shares of First of Long Island from a hold rating to a sell rating in a research report on Saturday, June 15th.
Shares of NASDAQ:FLIC traded down $0.39 during mid-day trading on Friday, reaching $21.35. The stock had a trading volume of 3,981 shares, compared to its average volume of 59,978. The company has a market cap of $541.35 million, a price-to-earnings ratio of 13.10 and a beta of 0.61. The stock has a 50 day moving average of $21.35. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.95 and a current ratio of 0.95. First of Long Island has a twelve month low of $17.53 and a twelve month high of $23.65.
First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings results on Monday, July 29th. The bank reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The business had revenue of $28.00 million for the quarter, compared to the consensus estimate of $27.81 million. First of Long Island had a net margin of 28.68% and a return on equity of 10.84%. On average, equities research analysts expect that First of Long Island will post 1.72 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Friday, July 12th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $0.68 annualized dividend and a yield of 3.19%. First of Long Island’s dividend payout ratio (DPR) is currently 41.72%.
In other First of Long Island news, CEO Michael N. Vittorio sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $22.60, for a total transaction of $67,800.00. Following the sale, the chief executive officer now directly owns 112,679 shares in the company, valued at approximately $2,546,545.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.93% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc raised its holdings in shares of First of Long Island by 20.4% in the fourth quarter. Legal & General Group Plc now owns 4,826 shares of the bank’s stock valued at $97,000 after purchasing an additional 817 shares during the last quarter. Strs Ohio raised its holdings in shares of First of Long Island by 0.7% in the second quarter. Strs Ohio now owns 132,700 shares of the bank’s stock valued at $2,664,000 after purchasing an additional 900 shares during the last quarter. Swiss National Bank raised its holdings in shares of First of Long Island by 7.0% in the second quarter. Swiss National Bank now owns 47,250 shares of the bank’s stock valued at $949,000 after purchasing an additional 3,100 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of First of Long Island by 425.3% in the first quarter. BNP Paribas Arbitrage SA now owns 5,137 shares of the bank’s stock valued at $113,000 after purchasing an additional 4,159 shares during the last quarter. Finally, Cutler Capital Management LLC raised its holdings in shares of First of Long Island by 9.4% in the first quarter. Cutler Capital Management LLC now owns 51,950 shares of the bank’s stock valued at $1,139,000 after purchasing an additional 4,454 shares during the last quarter. Hedge funds and other institutional investors own 54.45% of the company’s stock.
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 small and medium-sized 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 money market products.
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