The First of Long Island Corporation (NASDAQ:FLIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $34.00 price target on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.66% from the stock’s previous close.

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

FLIC has been the subject of several other reports. ValuEngine raised The First of Long Island Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub raised The First of Long Island Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th.

The First of Long Island Corporation (NASDAQ:FLIC) traded down 1.46% during trading on Thursday, hitting $30.45. The stock had a trading volume of 56,801 shares. The firm has a 50 day moving average of $27.35 and a 200-day moving average of $27.40. The First of Long Island Corporation has a one year low of $25.08 and a one year high of $40.40. The company has a market cap of $742.43 million, a P/E ratio of 21.72 and a beta of 0.79.

The First of Long Island Corporation (NASDAQ:FLIC) last issued its quarterly earnings data on Friday, July 28th. The bank reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. The First of Long Island Corporation had a return on equity of 10.68% and a net margin of 28.29%. The business had revenue of $26.14 million during the quarter, compared to analysts’ expectations of $25.86 million. Equities analysts anticipate that The First of Long Island Corporation will post $1.51 earnings per share for the current fiscal year.

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In other news, insider Michael N. Vittorio sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $26.80, for a total transaction of $80,400.00. Following the completion of the transaction, the insider now directly owns 99,006 shares of the company’s stock, valued at approximately $2,653,360.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.83% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC lifted its holdings in shares of The First of Long Island Corporation by 0.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 18,909 shares of the bank’s stock valued at $541,000 after purchasing an additional 64 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of The First of Long Island Corporation by 12.3% in the 2nd quarter. Legal & General Group Plc now owns 5,752 shares of the bank’s stock valued at $164,000 after purchasing an additional 630 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of The First of Long Island Corporation by 1.4% in the 2nd quarter. Wells Fargo & Company MN now owns 53,590 shares of the bank’s stock valued at $1,533,000 after purchasing an additional 734 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of The First of Long Island Corporation by 5.5% in the 1st quarter. Bank of America Corp DE now owns 16,238 shares of the bank’s stock valued at $439,000 after purchasing an additional 849 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in shares of The First of Long Island Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 13,157 shares of the bank’s stock valued at $356,000 after purchasing an additional 871 shares during the last quarter. 51.79% of the stock is owned by institutional investors and hedge funds.

The First of Long Island Corporation 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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