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

Zacks Investment Research upgraded shares of First of Long Island (NASDAQ:FLIC) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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

Other equities analysts have also recently issued research reports about the stock. ValuEngine raised shares of First of Long Island from a sell rating to a hold rating in a research note on Monday, May 13th. Boenning Scattergood reaffirmed a hold rating on shares of First of Long Island in a research note on Thursday, May 2nd. Finally, BidaskClub raised shares of First of Long Island from a sell rating to a hold rating in a research note on Saturday, March 30th.

Shares of FLIC opened at $22.30 on Wednesday. The company has a market capitalization of $555.29 million, a PE ratio of 13.85 and a beta of 0.70. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.94 and a current ratio of 0.95. First of Long Island has a 12-month low of $17.53 and a 12-month high of $26.80.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Tuesday, April 30th. The bank reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.01). The business 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%. As a group, research analysts forecast 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 First of Long Island stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $22.60, for a total value of $67,800.00. Following the transaction, the chief executive officer now directly owns 112,679 shares of the company’s stock, valued at $2,546,545.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.93% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in shares of First of Long Island in the fourth quarter worth approximately $28,000. Legal & General Group Plc increased its position in shares of First of Long Island by 20.4% in the fourth quarter. Legal & General Group Plc now owns 4,826 shares of the bank’s stock worth $97,000 after acquiring an additional 817 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of First of Long Island by 425.3% in the first quarter. BNP Paribas Arbitrage SA now owns 5,137 shares of the bank’s stock worth $113,000 after acquiring an additional 4,159 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of First of Long Island in the first quarter worth approximately $134,000. Finally, Advisor Group Inc. increased its position in shares of First of Long Island by 659.2% in the fourth quarter. Advisor Group Inc. now owns 7,038 shares of the bank’s stock worth $141,000 after acquiring an additional 6,111 shares in the last quarter. 56.29% of the stock is currently owned by institutional investors and hedge funds.

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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