First of Long Island (FLIC) Lifted to Buy at BidaskClub

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First of Long Island (NASDAQ:FLIC) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Friday.

FLIC has been the subject of several other research reports. Zacks Investment Research raised shares of First of Long Island from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Friday, January 18th. ValuEngine raised shares of First of Long Island from a “strong sell” rating to a “sell” rating in a research note on Saturday, December 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $27.33.

Shares of NASDAQ:FLIC opened at $23.08 on Friday. The company has a market capitalization of $581.11 million, a P/E ratio of 14.16 and a beta of 0.63. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.06. First of Long Island has a one year low of $17.53 and a one year high of $29.65.

First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings data on Wednesday, January 30th. The bank reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.05). The company had revenue of $24.71 million during 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 11.18%. On average, research analysts forecast that First of Long Island will post 1.8 earnings per share for the current fiscal year.

In other First of Long Island news, insider Michael N. Vittorio sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The shares were 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 in the company, valued at approximately $2,443,140.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Donald L. Manfredonia sold 3,772 shares of the company’s stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $21.08, for a total transaction of $79,513.76. Following the completion of the transaction, the insider now owns 112,528 shares of the company’s stock, valued at $2,372,090.24. The disclosure for this sale can be found here. 4.64% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in First of Long Island in the 4th quarter valued at approximately $28,000. Legal & General Group Plc increased its position in First of Long Island by 20.4% in the 4th quarter. Legal & General Group Plc now owns 4,826 shares of the bank’s stock valued at $97,000 after acquiring an additional 817 shares during the period. Fusion Family Wealth LLC increased its position in First of Long Island by 187.1% in the 3rd quarter. Fusion Family Wealth LLC now owns 6,675 shares of the bank’s stock valued at $145,000 after acquiring an additional 4,350 shares during the period. Advisor Group Inc. increased its position in First of Long Island by 659.2% in the 4th quarter. Advisor Group Inc. now owns 7,038 shares of the bank’s stock valued at $141,000 after acquiring an additional 6,111 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in First of Long Island by 344.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 7,853 shares of the bank’s stock valued at $157,000 after acquiring an additional 6,085 shares during the period. Hedge funds and other institutional investors own 55.06% of the company’s stock.

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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