First of Long Island’s (FLIC) “Hold” Rating Reaffirmed at Keefe, Bruyette & Woods

First of Long Island (NASDAQ:FLIC)‘s stock had its “hold” rating reaffirmed by equities researchers at Keefe, Bruyette & Woods in a report released on Tuesday, February 27th. They presently have a $31.00 price objective on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 14.60% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. ValuEngine cut First of Long Island from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research cut First of Long Island from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Sandler O’Neill set a $33.00 target price on First of Long Island and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Finally, BidaskClub raised First of Long Island from a “sell” rating to a “hold” rating in a research report on Friday, February 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $31.67.

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Shares of FLIC stock traded down $1.20 during trading on Tuesday, reaching $27.05. The company’s stock had a trading volume of 124,558 shares, compared to its average volume of 35,701. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.20. First of Long Island has a 12-month low of $25.60 and a 12-month high of $33.50. The firm has a market capitalization of $676.74, a PE ratio of 18.92 and a beta of 0.73.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Tuesday, January 30th. The bank reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.03). First of Long Island had a net margin of 28.02% and a return on equity of 10.82%. The firm had revenue of $24.59 million during the quarter, compared to analyst estimates of $27.66 million. analysts expect that First of Long Island will post 1.8 earnings per share for the current fiscal year.

In related news, insider Michael N. Vittorio sold 3,000 shares of First of Long Island stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $27.53, for a total transaction of $82,590.00. Following the transaction, the insider now owns 106,135 shares of the company’s stock, valued at $2,921,896.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Donald L. Manfredonia sold 2,000 shares of First of Long Island stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $29.00, for a total value of $58,000.00. Following the sale, the insider now owns 113,762 shares in the company, valued at $3,299,098. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,036 shares of company stock worth $253,608. 4.83% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of FLIC. Wedge Capital Management L L P NC bought a new stake in First of Long Island during the third quarter worth $6,924,000. Boston Partners lifted its holdings in First of Long Island by 74.3% during the third quarter. Boston Partners now owns 206,701 shares of the bank’s stock worth $6,294,000 after acquiring an additional 88,100 shares during the period. Russell Investments Group Ltd. lifted its holdings in First of Long Island by 118.3% during the third quarter. Russell Investments Group Ltd. now owns 162,550 shares of the bank’s stock worth $4,949,000 after acquiring an additional 88,100 shares during the period. Wasatch Advisors Inc. lifted its holdings in First of Long Island by 12.4% during the third quarter. Wasatch Advisors Inc. now owns 616,598 shares of the bank’s stock worth $18,775,000 after acquiring an additional 68,262 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in First of Long Island by 19.3% during the second quarter. Dimensional Fund Advisors LP now owns 368,488 shares of the bank’s stock worth $10,539,000 after acquiring an additional 59,491 shares during the period. Institutional investors and hedge funds own 53.49% of the company’s stock.

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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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