First of Long Island (FLIC) Raised to “Hold” at Zacks Investment Research

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First of Long Island (NASDAQ:FLIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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

Several other brokerages have also commented on FLIC. BidaskClub raised First of Long Island from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. ValuEngine raised First of Long Island from a “sell” rating to a “hold” rating in a report on Monday. Finally, Boenning Scattergood reissued a “hold” rating on shares of First of Long Island in a report on Thursday, May 2nd.

FLIC stock traded down $0.19 during mid-day trading on Wednesday, reaching $22.53. 20,945 shares of the company traded hands, compared to its average volume of 63,922. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $561.02 million, a PE ratio of 13.82 and a beta of 0.70. First of Long Island has a 52-week low of $17.53 and a 52-week high of $26.80.

First of Long Island (NASDAQ:FLIC) last posted its earnings results on Tuesday, April 30th. The bank reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.01). The company had revenue of $27.85 million for the quarter, compared to analysts’ expectations of $28.65 million. First of Long Island had a net margin of 28.70% and a return on equity of 10.80%. On average, equities research analysts anticipate that First of Long Island will post 1.74 EPS for the current fiscal year.

In other news, CEO Michael N. Vittorio sold 3,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $22.60, for a total transaction of $67,800.00. Following the completion of the transaction, the chief executive officer now owns 112,679 shares of the company’s stock, valued at $2,546,545.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.93% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc grew its holdings in shares of First of Long Island by 20.4% during the fourth quarter. Legal & General Group Plc now owns 4,826 shares of the bank’s stock worth $97,000 after purchasing an additional 817 shares in the last quarter. Swiss National Bank lifted its position in First of Long Island by 3.3% in the 1st quarter. Swiss National Bank now owns 44,150 shares of the bank’s stock worth $968,000 after buying an additional 1,400 shares during the last quarter. Acadian Asset Management LLC bought a new stake in First of Long Island in the 4th quarter worth approximately $28,000. The Manufacturers Life Insurance Company lifted its position in First of Long Island by 0.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 171,491 shares of the bank’s stock worth $3,760,000 after buying an additional 1,587 shares during the last quarter. Finally, Northern Trust Corp lifted its position in First of Long Island by 0.6% in the 1st quarter. Northern Trust Corp now owns 321,855 shares of the bank’s stock worth $7,058,000 after buying an additional 2,004 shares during the last quarter. 56.29% of the stock is owned by institutional investors.

First of Long Island Company Profile

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized 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 money market products.

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