Zacks: First of Long Island Corp (FLIC) Given Average Recommendation of “Hold” by Brokerages
First of Long Island Corp (NASDAQ:FLIC) has been assigned a consensus broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation.
Zacks has also given First of Long Island an industry rank of 167 out of 256 based on the ratings given to its competitors.
Several analysts have recently issued reports on FLIC shares. Zacks Investment Research cut First of Long Island from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 1st. ValuEngine upgraded First of Long Island from a “strong sell” rating to a “sell” rating in a research note on Saturday, December 1st. Finally, BidaskClub upgraded First of Long Island from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st.
First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Tuesday, October 30th. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.17. The business had revenue of $23.07 million for the quarter, compared to analysts’ expectations of $28.29 million. First of Long Island had a return on equity of 10.98% and a net margin of 28.61%. As a group, analysts anticipate that First of Long Island will post 1.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Thursday, January 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, January 2nd. First of Long Island’s dividend payout ratio is presently 45.95%.
In other First of Long Island news, insider Michael N. Vittorio sold 3,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $20.51, for a total value of $61,530.00. Following the sale, the insider now directly owns 100,135 shares in the company, valued at $2,053,768.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Donald L. Manfredonia sold 3,772 shares of the firm’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $21.08, for a total value of $79,513.76. Following the completion of the sale, the insider now owns 112,528 shares in the company, valued at $2,372,090.24. The disclosure for this sale can be found here. 4.64% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in shares of First of Long Island during the second quarter worth about $106,000. Fusion Family Wealth LLC grew its holdings in shares of First of Long Island by 187.1% during the third quarter. Fusion Family Wealth LLC now owns 6,675 shares of the bank’s stock worth $145,000 after purchasing an additional 4,350 shares during the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of First of Long Island by 61.3% during the third quarter. MetLife Investment Advisors LLC now owns 16,009 shares of the bank’s stock worth $348,000 after purchasing an additional 6,085 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new position in shares of First of Long Island during the third quarter worth about $355,000. Finally, Bank of America Corp DE grew its holdings in shares of First of Long Island by 51.5% during the second quarter. Bank of America Corp DE now owns 35,773 shares of the bank’s stock worth $889,000 after purchasing an additional 12,155 shares during the last quarter. 55.09% of the stock is currently 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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