ValuEngine Downgrades The First of Long Island (FLIC) to Hold

The First of Long Island (NASDAQ:FLIC) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other brokerages have also weighed in on FLIC. Zacks Investment Research lowered The First of Long Island from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. BidaskClub upgraded The First of Long Island from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th.

Shares of The First of Long Island (FLIC) traded down $0.25 during trading on Friday, hitting $29.90. The stock had a trading volume of 39,650 shares, compared to its average volume of 35,717. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $736.47, a price-to-earnings ratio of 20.76 and a beta of 0.77. The First of Long Island has a twelve month low of $25.60 and a twelve month high of $33.50.

The First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Monday, October 30th. The bank reported $0.38 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. The business had revenue of $26.87 million during the quarter, compared to analyst estimates of $27.05 million. The First of Long Island had a return on equity of 10.81% and a net margin of 28.36%. equities research analysts expect that The First of Long Island will post 1.5 EPS for the current year.

In other news, insider Richard Kick sold 3,975 shares of the business’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $29.00, for a total transaction of $115,275.00. Following the sale, the insider now directly owns 89,310 shares of the company’s stock, valued at $2,589,990. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Milbrey Rennie Taylor sold 2,079 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $30.11, for a total value of $62,598.69. Following the sale, the director now directly owns 20,001 shares in the company, valued at $602,230.11. The disclosure for this sale can be found here. Insiders have sold 16,804 shares of company stock worth $493,656 over the last ninety days. 4.83% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the company. Grandeur Peak Global Advisors LLC raised its position in shares of The First of Long Island by 50.9% during the third quarter. Grandeur Peak Global Advisors LLC now owns 51,125 shares of the bank’s stock worth $1,557,000 after purchasing an additional 17,250 shares during the period. Dimensional Fund Advisors LP raised its position in The First of Long Island by 9.3% during the third quarter. Dimensional Fund Advisors LP now owns 402,869 shares of the bank’s stock valued at $12,268,000 after buying an additional 34,381 shares during the period. Schwab Charles Investment Management Inc. raised its position in The First of Long Island by 5.5% during the third quarter. Schwab Charles Investment Management Inc. now owns 118,273 shares of the bank’s stock valued at $3,602,000 after buying an additional 6,145 shares during the period. Wasatch Advisors Inc. raised its position in The First of Long Island by 12.4% during the third quarter. Wasatch Advisors Inc. now owns 616,598 shares of the bank’s stock valued at $18,775,000 after buying an additional 68,262 shares during the period. Finally, Granite Investment Partners LLC acquired a new position in The First of Long Island during the third quarter valued at $535,000. 53.66% of the stock is currently owned by institutional investors.

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The First of Long Island Company Profile

The First of Long Island Corporation is a one-bank holding company. The Company provides financial services through its subsidiary, The First National Bank of Long Island (the Bank). Its services include account reconciliation services, bank by mail, personal money orders, bill payment, remote deposit, cash management services, safe deposit boxes, collection services securities transactions, controlled disbursement accounts, signature guarantee services, drive-through banking, merchant credit card services, and investment management and trust services.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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