Zacks: First of Long Island Corp (FLIC) Receives Average Recommendation of “Hold” from Analysts

First of Long Island Corp (NASDAQ:FLIC) has received a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation.

Zacks has also assigned First of Long Island an industry rank of 26 out of 265 based on the ratings given to related companies.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of First of Long Island from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Thursday, September 28th. ValuEngine downgraded shares of First of Long Island from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. BidaskClub downgraded shares of First of Long Island from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Sandler O’Neill set a $33.00 target price on shares of First of Long Island and gave the company a “buy” rating in a research note on Wednesday, January 3rd.

First of Long Island (NASDAQ FLIC) traded up $0.10 during trading on Friday, reaching $28.10. 69,326 shares of the company were exchanged, compared to its average volume of 57,667. The stock has a market capitalization of $692.14, a P/E ratio of 19.51 and a beta of 0.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.24. First of Long Island has a 52 week low of $25.60 and a 52 week high of $33.50.

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

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Thursday, December 28th. First of Long Island’s dividend payout ratio is currently 41.67%.

In other news, EVP Donald L. Manfredonia sold 1,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $29.17, for a total value of $29,170.00. Following the sale, the executive vice president now owns 108,500 shares of the company’s stock, valued at $3,164,945. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Milbrey Rennie Taylor sold 2,079 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $30.11, for a total transaction of $62,598.69. Following the completion of the transaction, the director now owns 20,001 shares in the company, valued at $602,230.11. The disclosure for this sale can be found here. In the last three months, insiders sold 22,434 shares of company stock worth $661,149. Insiders own 4.83% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FLIC. SG Americas Securities LLC bought a new position in shares of First of Long Island in the third quarter worth about $105,000. Nordea Investment Management AB grew its holdings in shares of First of Long Island by 32.5% in the second quarter. Nordea Investment Management AB now owns 5,300 shares of the bank’s stock worth $152,000 after purchasing an additional 1,300 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of First of Long Island 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 purchasing an additional 630 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in shares of First of Long Island in the second quarter worth about $204,000. Finally, GSA Capital Partners LLP bought a new position in shares of First of Long Island in the second quarter worth about $227,000. Hedge funds and other institutional investors own 53.63% of the company’s stock.

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First of Long Island 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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