First of Long Island (NASDAQ:FLIC) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a sell rating in a research note published on Friday morning, BidAskClub reports.

Separately, Zacks Investment Research raised First of Long Island from a sell rating to a hold rating in a research report on Tuesday, October 1st.

First of Long Island stock traded up $0.03 on Friday, hitting $22.97. 31,136 shares of the stock traded hands, compared to its average volume of 42,055. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.96. The firm has a market cap of $565.95 million, a P/E ratio of 14.09 and a beta of 0.63. The business’s fifty day simple moving average is $22.69 and its 200 day simple moving average is $22.12. First of Long Island has a 1 year low of $17.53 and a 1 year high of $24.45.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Monday, July 29th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.42 by $0.01. The business had revenue of $28.00 million during the quarter, compared to analyst estimates of $27.81 million. First of Long Island had a return on equity of 10.80% and a net margin of 28.68%. As a group, analysts predict that First of Long Island will post 1.72 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Wednesday, October 9th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Tuesday, October 8th. This is a positive change from First of Long Island’s previous quarterly dividend of $0.17. First of Long Island’s payout ratio is currently 44.17%.

In other news, insider Michael N. Vittorio sold 3,000 shares of First of Long Island stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $21.13, for a total value of $63,390.00. Following the completion of the transaction, the insider now owns 109,679 shares of the company’s stock, valued at approximately $2,317,517.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.93% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of FLIC. Meeder Asset Management Inc. purchased a new position in shares of First of Long Island in the 3rd quarter worth about $51,000. Tower Research Capital LLC TRC increased its holdings in First of Long Island by 669.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,733 shares of the bank’s stock worth $95,000 after buying an additional 4,118 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in First of Long Island by 9.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,775 shares of the bank’s stock worth $141,000 after buying an additional 592 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in First of Long Island in the 2nd quarter worth about $328,000. Finally, Grantham Mayo Van Otterloo & Co. LLC bought a new stake in First of Long Island in the 2nd quarter worth about $369,000. 57.35% of the stock is owned by hedge funds and other 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.

See Also: Risk Tolerance and Your Investment Decisions

Receive News & Ratings for First of Long Island Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First of Long Island and related companies with MarketBeat.com's FREE daily email newsletter.