First of Long Island (FLIC) Lowered to Sell at BidaskClub

BidaskClub lowered shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a sell rating in a research note published on Friday.

Several other brokerages have also recently issued reports on FLIC. Zacks Investment Research cut First of Long Island from a buy rating to a hold rating in a research note on Wednesday, September 27th. ValuEngine cut First of Long Island from a buy rating to a hold rating in a research note on Friday, December 1st. Finally, Sandler O’Neill set a $33.00 target price on First of Long Island and gave the stock a buy rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. First of Long Island presently has a consensus rating of Hold and an average price target of $31.67.

Shares of First of Long Island (FLIC) traded up $0.25 on Friday, reaching $28.10. The company had a trading volume of 53,126 shares, compared to its average volume of 39,730. First of Long Island has a 52-week low of $25.60 and a 52-week high of $33.50. The company has a market capitalization of $698.35, a PE ratio of 18.73 and a beta of 0.77. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.96 and a quick ratio of 0.96.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Monday, October 30th. The bank reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. First of Long Island had a return on equity of 10.81% and a net margin of 28.36%. The firm had revenue of $26.87 million for the quarter, compared to analysts’ expectations of $27.05 million. sell-side analysts predict that First of Long Island will post 1.5 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, December 28th. First of Long Island’s dividend payout ratio is presently 40.00%.

In other First of Long Island news, Director Milbrey Rennie Taylor sold 2,079 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $30.11, for a total value of $62,598.69. Following the sale, the director now directly owns 20,001 shares of the company’s stock, valued at $602,230.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Walter C. Teagle III sold 5,630 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $29.75, for a total value of $167,492.50. Following the completion of the sale, the director now directly owns 129,810 shares in the company, valued at $3,861,847.50. The disclosure for this sale can be found here. Insiders sold 22,434 shares of company stock worth $661,149 over the last ninety days. 4.83% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Neuberger Berman Group LLC increased its holdings in shares of First of Long Island by 0.3% during the second 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 period. Legal & General Group Plc increased its holdings in shares of First of Long Island by 12.3% during the second 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 period. Wells Fargo & Company MN increased its holdings in shares of First of Long Island by 1.4% during the second 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 period. Nordea Investment Management AB increased its holdings in shares of First of Long Island by 32.5% during the second quarter. Nordea Investment Management AB now owns 5,300 shares of the bank’s stock valued at $152,000 after purchasing an additional 1,300 shares during the period. Finally, Voya Investment Management LLC increased its holdings in shares of First of Long Island by 17.3% during the second quarter. Voya Investment Management LLC now owns 11,021 shares of the bank’s stock valued at $315,000 after purchasing an additional 1,628 shares during the period. 53.63% of the stock is currently owned by institutional investors.

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About First of Long Island

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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