First of Long Island (NASDAQ:FLIC) Lifted to “Hold” at BidaskClub

BidaskClub upgraded shares of First of Long Island (NASDAQ:FLIC) from a sell rating to a hold rating in a report published on Saturday morning, BidAskClub reports.

Several other research firms have also recently issued reports on FLIC. Zacks Investment Research cut First of Long Island from a hold rating to a sell rating in a research note on Wednesday, May 27th. ValuEngine cut First of Long Island from a hold rating to a sell rating in a research note on Friday, April 3rd. Piper Sandler raised First of Long Island from a neutral rating to an overweight rating and boosted their target price for the company from $16.00 to $19.00 in a research note on Tuesday, May 5th. Finally, TheStreet cut First of Long Island from a b- rating to a c+ rating in a research note on Friday, March 13th. Two analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $17.50.

Shares of First of Long Island stock opened at $16.34 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.99 and a quick ratio of 0.99. The business’s 50 day simple moving average is $15.44 and its two-hundred day simple moving average is $18.94. The stock has a market capitalization of $390.35 million, a P/E ratio of 10.02 and a beta of 0.50. First of Long Island has a one year low of $12.15 and a one year high of $25.53.

First of Long Island (NASDAQ:FLIC) last posted its earnings results on Thursday, April 30th. The bank reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.02). First of Long Island had a net margin of 25.99% and a return on equity of 10.84%. The business had revenue of $28.00 million for the quarter, compared to analysts’ expectations of $27.75 million. Sell-side analysts expect that First of Long Island will post 1.57 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Thursday, July 9th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, July 8th. This represents a $0.72 annualized dividend and a yield of 4.41%. First of Long Island’s payout ratio is 41.14%.

In related news, Director Milbrey Rennie Taylor sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $17.55, for a total value of $35,100.00. Over the last ninety days, insiders sold 4,000 shares of company stock worth $69,280. 5.35% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its holdings in First of Long Island by 4,842.0% in the first quarter. Royal Bank of Canada now owns 142,180 shares of the bank’s stock worth $2,466,000 after acquiring an additional 139,303 shares in the last quarter. Advisor Group Holdings Inc. bought a new stake in First of Long Island in the first quarter worth $112,000. EJF Capital LLC bought a new stake in First of Long Island in the first quarter worth $970,000. Jane Street Group LLC bought a new stake in First of Long Island in the first quarter worth $346,000. Finally, Invesco Ltd. boosted its holdings in First of Long Island by 9.4% in the first quarter. Invesco Ltd. now owns 71,281 shares of the bank’s stock worth $1,237,000 after acquiring an additional 6,152 shares in the last quarter. 56.58% of the stock is currently 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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