The First of Long Island Corporation (NASDAQ:FLIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $30.00 price target on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.36% from the stock’s current price.

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

A number of other research firms have also weighed in on FLIC. BidaskClub raised The First of Long Island Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $30.00 target price on shares of The First of Long Island Corporation in a report on Wednesday, May 3rd.

Shares of The First of Long Island Corporation (NASDAQ FLIC) traded down 0.56% during midday trading on Tuesday, hitting $26.70. 21,559 shares of the stock were exchanged. The stock’s 50-day moving average price is $27.65 and its 200 day moving average price is $27.47. The First of Long Island Corporation has a one year low of $20.99 and a one year high of $30.15. The stock has a market cap of $651.00 million, a P/E ratio of 19.04 and a beta of 0.78.

The First of Long Island Corporation (NASDAQ:FLIC) last posted its quarterly earnings results on Friday, July 28th. The bank reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The firm had revenue of $26.14 million for the quarter, compared to analyst estimates of $25.86 million. The First of Long Island Corporation had a return on equity of 10.68% and a net margin of 28.29%. On average, analysts anticipate that The First of Long Island Corporation will post $1.51 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: “The First of Long Island Corporation (FLIC) Upgraded to “Buy” at Zacks Investment Research” was originally published by Watch List News and is the property of of Watch List News. If you are reading this piece on another website, it was illegally stolen and republished in violation of US & international copyright & trademark laws. The legal version of this piece can be read at https://www.watchlistnews.com/the-first-of-long-island-corporation-flic-upgraded-to-buy-at-zacks-investment-research/1530391.html.

In other news, insider Donald L. Manfredonia sold 1,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $27.93, for a total transaction of $27,930.00. Following the completion of the sale, the insider now directly owns 100,231 shares in the company, valued at approximately $2,799,451.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mark D. Curtis sold 6,843 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $27.53, for a total value of $188,387.79. Following the sale, the insider now owns 40,764 shares of the company’s stock, valued at $1,122,232.92. The disclosure for this sale can be found here. Insiders sold a total of 10,843 shares of company stock valued at $303,668 over the last 90 days. 4.83% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC increased its stake in The First of Long Island Corporation by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 18,909 shares of the bank’s stock worth $541,000 after buying an additional 64 shares during the last quarter. Legal & General Group Plc increased its stake in The First of Long Island Corporation by 12.3% in the second 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. Wells Fargo & Company MN increased its stake in The First of Long Island Corporation by 1.4% in the second quarter. Wells Fargo & Company MN now owns 53,590 shares of the bank’s stock worth $1,533,000 after buying an additional 734 shares during the last quarter. Bank of America Corp DE increased its stake in The First of Long Island Corporation by 5.5% in the first quarter. Bank of America Corp DE now owns 16,238 shares of the bank’s stock worth $439,000 after buying an additional 849 shares during the last quarter. Finally, American International Group Inc. increased its stake in The First of Long Island Corporation by 7.1% in the first quarter. American International Group Inc. now owns 13,157 shares of the bank’s stock worth $356,000 after buying an additional 871 shares during the last quarter. Hedge funds and other institutional investors own 51.79% of the company’s stock.

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.

Receive News & Ratings for The First of Long Island Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The First of Long Island Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.