$27.81 Million in Sales Expected for First of Long Island Corp (NASDAQ:FLIC) This Quarter

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Wall Street analysts predict that First of Long Island Corp (NASDAQ:FLIC) will report $27.81 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for First of Long Island’s earnings, with estimates ranging from $27.31 million to $28.30 million. First of Long Island reported sales of $28.56 million during the same quarter last year, which indicates a negative year-over-year growth rate of 2.6%. The company is expected to issue its next earnings report on Monday, July 29th.

According to Zacks, analysts expect that First of Long Island will report full-year sales of $111.87 million for the current year, with estimates ranging from $110.74 million to $113.00 million. For the next financial year, analysts expect that the firm will report sales of $113.40 million, with estimates ranging from $112.40 million to $114.40 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover First of Long Island.

First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings results on Tuesday, April 30th. The bank reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.01). The firm had revenue of $27.85 million during the quarter, compared to analyst estimates of $28.65 million. First of Long Island had a return on equity of 10.80% and a net margin of 28.70%.

A number of research analysts recently issued reports on FLIC shares. Zacks Investment Research upgraded shares of Icon from a “hold” rating to a “buy” rating and set a $157.00 target price on the stock in a research report on Thursday, May 30th. ValuEngine downgraded shares of Virtu Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Boenning Scattergood reiterated a “hold” rating on shares of American Water Works in a research report on Thursday, May 2nd. Finally, BidaskClub downgraded shares of Xilinx from a “buy” rating to a “hold” rating in a research report on Saturday, June 15th.

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

Hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in shares of First of Long Island by 292,187.5% during the 1st quarter. FMR LLC now owns 46,766 shares of the bank’s stock valued at $1,025,000 after buying an additional 46,750 shares in the last quarter. ClariVest Asset Management LLC lifted its position in shares of First of Long Island by 1,271.9% during the 1st quarter. ClariVest Asset Management LLC now owns 91,385 shares of the bank’s stock valued at $2,003,000 after buying an additional 84,724 shares in the last quarter. John W. Rosenthal Capital Management Inc. lifted its holdings in First of Long Island by 82.5% in the 1st quarter. John W. Rosenthal Capital Management Inc. now owns 169,229 shares of the bank’s stock worth $3,711,000 after purchasing an additional 76,500 shares in the last quarter. Royce & Associates LP lifted its holdings in First of Long Island by 54.5% in the 1st quarter. Royce & Associates LP now owns 89,118 shares of the bank’s stock worth $1,954,000 after purchasing an additional 31,418 shares in the last quarter. Finally, Anchor Capital Advisors LLC lifted its holdings in First of Long Island by 31.1% in the 1st quarter. Anchor Capital Advisors LLC now owns 58,161 shares of the bank’s stock worth $1,275,000 after purchasing an additional 13,795 shares in the last quarter. Institutional investors and hedge funds own 54.54% of the company’s stock.

Shares of NASDAQ FLIC traded down $0.11 during midday trading on Wednesday, reaching $21.21. The stock had a trading volume of 27,851 shares, compared to its average volume of 66,598. The company has a market cap of $528.63 million, a price-to-earnings ratio of 13.01 and a beta of 0.64. First of Long Island has a twelve month low of $17.53 and a twelve month high of $25.50. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a 50 day simple moving average of $21.28.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Friday, July 12th will be given a dividend of $0.17 per share. The ex-dividend date is Thursday, July 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.21%. First of Long Island’s payout ratio is presently 41.72%.

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 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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Earnings History and Estimates for First of Long Island (NASDAQ:FLIC)

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