Zacks Investment Research Downgrades First of Long Island (NASDAQ:FLIC) to Hold

First of Long Island (NASDAQ:FLIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, January 8th.

According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “

FLIC has been the subject of several other research reports. Sandler O’Neill set a $33.00 price target on First of Long Island and gave the stock a “buy” rating in a research report on Wednesday, January 3rd. ValuEngine lowered First of Long Island from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, BidaskClub lowered First of Long Island from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.33.

First of Long Island (FLIC) traded up $0.05 during trading hours on Monday, reaching $28.60. 42,984 shares of the company traded hands, compared to its average volume of 62,150. First of Long Island has a twelve month low of $25.60 and a twelve month high of $33.50. The company has a market capitalization of $703.22, a PE ratio of 19.86 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 (NASDAQ:FLIC) last announced its earnings results on Monday, October 30th. The bank reported $0.38 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.38. The firm had revenue of $26.87 million for the quarter, compared to analysts’ expectations of $27.05 million. First of Long Island had a net margin of 28.36% and a return on equity of 10.81%. analysts predict that First of Long Island will post 1.5 earnings per share for the current fiscal year.

In other First of Long Island news, insider Richard Kick sold 3,975 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $29.00, for a total transaction of $115,275.00. Following the completion of the sale, the insider now directly owns 89,310 shares in the company, valued at approximately $2,589,990. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Walter C. Teagle III sold 5,630 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $29.75, for a total value of $167,492.50. Following the transaction, the director now owns 129,810 shares of the company’s stock, valued at $3,861,847.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,434 shares of company stock valued at $661,149. Corporate insiders own 4.83% of the company’s stock.

Several large investors have recently made changes to their positions in FLIC. Schwab Charles Investment Management Inc. grew its stake in shares of First of Long Island by 12.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 112,128 shares of the bank’s stock valued at $3,207,000 after acquiring an additional 12,288 shares during the period. Bank of New York Mellon Corp boosted its stake in First of Long Island by 8.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 106,133 shares of the bank’s stock worth $3,035,000 after purchasing an additional 8,169 shares during the period. Legal & General Group Plc boosted its stake in First of Long Island by 12.3% in the 2nd 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 period. Neuberger Berman Group LLC boosted its stake in First of Long Island by 0.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 18,909 shares of the bank’s stock worth $541,000 after purchasing an additional 64 shares during the period. Finally, Franklin Resources Inc. boosted its stake in First of Long Island by 73.1% in the 2nd quarter. Franklin Resources Inc. now owns 1,617,800 shares of the bank’s stock worth $46,269,000 after purchasing an additional 683,135 shares during the period. 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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