First of Long Island (FLIC) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday. The firm currently has $23.00 price target on the bank’s stock.

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

Several other analysts have also commented on the stock. BidaskClub lowered shares of First of Long Island from a sell rating to a strong sell rating in a research report on Friday, September 21st. ValuEngine lowered shares of First of Long Island from a sell rating to a strong sell rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $27.33.

FLIC traded down $0.04 on Thursday, hitting $20.89. 866 shares of the company were exchanged, compared to its average volume of 50,735. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.11. First of Long Island has a fifty-two week low of $19.09 and a fifty-two week high of $31.52. The firm has a market capitalization of $532.06 million, a P/E ratio of 14.18 and a beta of 0.65.

First of Long Island (NASDAQ:FLIC) last issued its earnings results on Tuesday, October 30th. The bank reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.17. The company had revenue of $23.07 million for the quarter, compared to analyst estimates of $28.29 million. First of Long Island had a net margin of 28.61% and a return on equity of 11.10%. Analysts predict that First of Long Island will post 1.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Wednesday, October 10th were paid a dividend of $0.17 per share. This is an increase from First of Long Island’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, October 9th. This represents a $0.68 annualized dividend and a dividend yield of 3.26%. First of Long Island’s dividend payout ratio is presently 45.95%.

In related news, insider Michael N. Vittorio sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $20.51, for a total transaction of $61,530.00. Following the transaction, the insider now owns 100,135 shares of the company’s stock, valued at $2,053,768.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.64% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in shares of First of Long Island during the second quarter valued at approximately $106,000. Engineers Gate Manager LP purchased a new position in shares of First of Long Island during the second quarter valued at approximately $222,000. Mackay Shields LLC purchased a new position in shares of First of Long Island during the second quarter valued at approximately $295,000. Virginia Retirement Systems ET AL purchased a new position in shares of First of Long Island during the third quarter valued at approximately $355,000. Finally, Bank of America Corp DE lifted its stake in shares of First of Long Island by 51.5% during the second quarter. Bank of America Corp DE now owns 35,773 shares of the bank’s stock valued at $889,000 after buying an additional 12,155 shares during the period. 56.07% of the stock is currently owned by institutional investors and hedge funds.

About First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to privately owned 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 personal and non-personal money market and savings products.

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