Zacks Investment Research Upgrades First of Long Island (FLIC) to “Hold”
According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “
Other research analysts have also issued reports about the stock. ValuEngine upgraded shares of First of Long Island from a sell rating to a hold rating in a research note on Monday, May 13th. Boenning Scattergood restated a hold rating on shares of First of Long Island in a research note on Thursday, May 2nd. Finally, BidaskClub upgraded shares of First of Long Island from a sell rating to a hold rating in a research note on Saturday, March 30th.
First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings data on Tuesday, April 30th. The bank reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.01). The business had revenue of $27.85 million during the quarter, compared to analyst estimates of $28.65 million. First of Long Island had a net margin of 28.70% and a return on equity of 10.80%. Equities analysts anticipate that First of Long Island will post 1.74 earnings per share for the current year.
In other news, CEO Michael N. Vittorio sold 3,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $22.60, for a total transaction of $67,800.00. Following the transaction, the chief executive officer now directly owns 112,679 shares in the company, valued at $2,546,545.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.93% of the company’s stock.
Several institutional investors have recently modified their holdings of FLIC. TIAA CREF Investment Management LLC increased its stake in shares of First of Long Island by 4.8% during the third quarter. TIAA CREF Investment Management LLC now owns 77,434 shares of the bank’s stock worth $1,684,000 after acquiring an additional 3,524 shares during the period. Vanguard Group Inc. increased its stake in shares of First of Long Island by 2.1% during the third quarter. Vanguard Group Inc. now owns 1,035,054 shares of the bank’s stock worth $22,512,000 after acquiring an additional 21,347 shares during the period. Strs Ohio increased its stake in shares of First of Long Island by 2.0% during the fourth quarter. Strs Ohio now owns 136,800 shares of the bank’s stock worth $2,729,000 after acquiring an additional 2,732 shares during the period. Cutler Capital Management LLC acquired a new position in shares of First of Long Island during the fourth quarter worth about $947,000. Finally, Rhumbline Advisers increased its stake in shares of First of Long Island by 43.9% during the fourth quarter. Rhumbline Advisers now owns 34,336 shares of the bank’s stock worth $685,000 after acquiring an additional 10,474 shares during the period. Institutional investors and hedge funds own 54.54% of the company’s stock.
First of Long Island Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First of Long Island Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First of Long Island and related companies with MarketBeat.com's FREE daily email newsletter.