The First of Long Island (NASDAQ:FLIC) Rating Lowered to Sell at Zacks Investment Research

The First of Long Island (NASDAQ:FLIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

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

FLIC has been the topic of several other reports. TheStreet raised The First of Long Island from a “c+” rating to a “b” rating in a research note on Wednesday, December 2nd. Boenning Scattergood upgraded shares of The First of Long Island from a “neutral” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Wednesday, December 16th.

Shares of FLIC opened at $17.38 on Tuesday. The First of Long Island has a 1-year low of $12.15 and a 1-year high of $23.76. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.69. The firm’s 50-day moving average price is $17.90 and its 200-day moving average price is $16.45. The firm has a market capitalization of $415.16 million, a price-to-earnings ratio of 10.47 and a beta of 0.53.

The First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings data on Thursday, January 28th. The bank reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The First of Long Island had a net margin of 26.67% and a return on equity of 10.78%. On average, research analysts forecast that The First of Long Island will post 1.73 EPS for the current fiscal year.

In related news, Director Walter C. Teagle III sold 4,985 shares of the company’s stock in a transaction dated Monday, December 7th. The shares were sold at an average price of $18.00, for a total value of $89,730.00. Following the transaction, the director now owns 147,047 shares in the company, valued at approximately $2,646,846. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Milbrey Rennie Taylor sold 2,000 shares of the stock in a transaction dated Tuesday, November 24th. The shares were sold at an average price of $17.65, for a total transaction of $35,300.00. Insiders sold a total of 7,985 shares of company stock worth $142,180 in the last 90 days. 5.35% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Kathmere Capital Management LLC bought a new position in The First of Long Island in the 3rd quarter valued at approximately $35,000. Nisa Investment Advisors LLC bought a new position in shares of The First of Long Island during the third quarter valued at $36,000. WASHINGTON TRUST Co purchased a new stake in shares of The First of Long Island during the third quarter valued at $78,000. BNP Paribas Arbitrage SA boosted its position in shares of The First of Long Island by 357.5% during the third quarter. BNP Paribas Arbitrage SA now owns 5,517 shares of the bank’s stock valued at $82,000 after buying an additional 4,311 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its position in The First of Long Island by 13.6% in the 2nd quarter. Advisor Group Holdings Inc. now owns 7,511 shares of the bank’s stock worth $123,000 after buying an additional 899 shares during the last quarter. 56.77% of the stock is owned by institutional investors.

The 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, municipalities, and other organizations. Its deposit products include business and small business checking, personal checking products, savings accounts, negotiable order of withdrawal accounts, interest on lawyer accounts, escrow service accounts, rent security accounts, time deposits, holiday club accounts, and individual retirement accounts, as well as money market accounts.

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