First of Long Island (FLIC) Upgraded by Zacks Investment Research to “Buy”

First of Long Island (NASDAQ:FLIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $31.00 target price on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.71% from the company’s current price.

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

Other analysts also recently issued reports about the stock. Sandler O’Neill set a $33.00 price objective on shares of First of Long Island and gave the company a “buy” rating in a research report on Wednesday, January 3rd. ValuEngine downgraded shares of First of Long Island from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, BidaskClub downgraded shares of First of Long Island from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $31.33.

First of Long Island (NASDAQ:FLIC) traded down $0.10 during trading hours on Wednesday, hitting $28.00. 86,634 shares of the stock were exchanged, compared to its average volume of 61,800. First of Long Island has a 12-month low of $25.60 and a 12-month high of $33.50. The stock has a market cap of $689.67, a P/E ratio of 18.67 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.24.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Monday, October 30th. The bank reported $0.38 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. First of Long Island had a net margin of 34.77% and a return on equity of 11.09%. The company had revenue of $26.87 million for the quarter, compared to the consensus estimate of $27.05 million. analysts expect that First of Long Island will post 1.5 EPS for the current fiscal year.

In other First of Long Island news, EVP Donald L. Manfredonia sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $29.17, for a total transaction of $29,170.00. Following the transaction, the executive vice president now owns 108,500 shares in the company, valued at approximately $3,164,945. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard Kick sold 3,975 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $29.00, for a total transaction of $115,275.00. Following the transaction, the insider now owns 89,310 shares in the company, valued at approximately $2,589,990. The disclosure for this sale can be found here. Insiders have sold a total of 22,434 shares of company stock worth $661,149 over the last three months. 4.83% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. lifted its stake in shares of First of Long Island by 73.1% in the 2nd quarter. Franklin Resources Inc. now owns 1,617,800 shares of the bank’s stock worth $46,269,000 after purchasing an additional 683,135 shares during the period. Wedge Capital Management L L P NC bought a new position in shares of First of Long Island in the 3rd quarter worth approximately $6,924,000. Goldman Sachs Group Inc. lifted its stake in shares of First of Long Island by 17.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 741,182 shares of the bank’s stock worth $21,198,000 after purchasing an additional 111,227 shares during the period. Boston Partners lifted its stake in shares of First of Long Island by 74.3% in the 3rd quarter. Boston Partners now owns 206,701 shares of the bank’s stock worth $6,294,000 after purchasing an additional 88,100 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of First of Long Island by 118.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 162,550 shares of the bank’s stock worth $4,949,000 after purchasing an additional 88,100 shares during the period. Institutional investors and hedge funds own 53.63% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “First of Long Island (FLIC) Upgraded by Zacks Investment Research to “Buy”” was originally reported by American Banking News and is the property of of American Banking News. If you are reading this article on another website, it was copied illegally and republished in violation of U.S. and international copyright legislation. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/10/first-of-long-island-flic-upgraded-by-zacks-investment-research-to-buy.html.

About First of Long Island

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.

Get a free copy of the Zacks research report on First of Long Island (FLIC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.

Leave a Reply