Boenning Scattergood Begins Coverage on First of Long Island (FLIC)

Analysts at Boenning Scattergood initiated coverage on shares of First of Long Island (NASDAQ:FLIC) in a research report issued to clients and investors on Monday, April 1st, Marketbeat.com reports. The firm set a “neutral” rating on the bank’s stock. Boenning Scattergood also issued estimates for First of Long Island’s Q1 2019 earnings at $0.44 EPS, Q2 2019 earnings at $0.44 EPS, Q3 2019 earnings at $0.44 EPS, Q4 2019 earnings at $0.44 EPS, FY2019 earnings at $1.76 EPS, Q1 2020 earnings at $0.43 EPS, Q2 2020 earnings at $0.44 EPS, Q3 2020 earnings at $0.45 EPS, Q4 2020 earnings at $0.46 EPS and FY2020 earnings at $1.78 EPS.

FLIC has been the subject of a number of other reports. BidaskClub cut First of Long Island from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. Zacks Investment Research raised First of Long Island from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Friday, January 18th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. First of Long Island has a consensus rating of “Hold” and a consensus target price of $25.50.

FLIC stock traded up $0.10 during midday trading on Monday, hitting $23.13. The stock had a trading volume of 19,249 shares, compared to its average volume of 69,999. The stock has a market cap of $581.81 million, a P/E ratio of 14.19 and a beta of 0.68. First of Long Island has a 52 week low of $17.53 and a 52 week high of $28.50. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.94 and a quick ratio of 0.94.

First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings data on Wednesday, January 30th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.05). The company had revenue of $24.71 million for the quarter, compared to the consensus estimate of $28.51 million. First of Long Island had a net margin of 29.59% and a return on equity of 11.06%. Equities research analysts anticipate that First of Long Island will post 1.75 EPS for the current year.

In related news, insider Michael N. Vittorio sold 3,000 shares of First of Long Island stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $21.12, for a total value of $63,360.00. Following the completion of the transaction, the insider now directly owns 115,679 shares of the company’s stock, valued at $2,443,140.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.93% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in FLIC. First Trust Advisors LP raised its holdings in shares of First of Long Island by 100.7% in the third quarter. First Trust Advisors LP now owns 71,911 shares of the bank’s stock valued at $1,564,000 after buying an additional 36,083 shares during the last quarter. BlackRock Inc. increased its position in First of Long Island by 2.2% in the third quarter. BlackRock Inc. now owns 1,863,216 shares of the bank’s stock worth $40,525,000 after purchasing an additional 40,424 shares during the period. Dimensional Fund Advisors LP increased its position in First of Long Island by 11.7% in the third quarter. Dimensional Fund Advisors LP now owns 671,303 shares of the bank’s stock worth $14,601,000 after purchasing an additional 70,076 shares during the period. MetLife Investment Advisors LLC increased its position in First of Long Island by 61.3% in the third quarter. MetLife Investment Advisors LLC now owns 16,009 shares of the bank’s stock worth $348,000 after purchasing an additional 6,085 shares during the period. Finally, Maltese Capital Management LLC increased its position in First of Long Island by 25.5% in the third quarter. Maltese Capital Management LLC now owns 235,600 shares of the bank’s stock worth $5,124,000 after purchasing an additional 47,900 shares during the period. 56.18% of the stock is 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 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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