First of Long Island (FLIC) Upgraded by BidaskClub to “Hold”

First of Long Island (NASDAQ:FLIC) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday.

A number of other equities analysts also recently commented on FLIC. ValuEngine downgraded shares of First of Long Island from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research downgraded shares of First of Long Island from a “buy” rating to a “hold” rating in a research note on Monday, January 1st. Finally, Sandler O’Neill set a $33.00 price objective on shares of First of Long Island and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. First of Long Island currently has an average rating of “Hold” and a consensus target price of $31.33.

First of Long Island (FLIC) traded down $0.10 during trading on Friday, hitting $28.40. 38,663 shares of the stock were exchanged, compared to its average volume of 40,753. First of Long Island has a one year low of $25.60 and a one year high of $33.50. 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 cap of $697.07, a P/E ratio of 19.86 and a beta of 0.72.

In related news, insider Richard Kick sold 3,975 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $29.00, for a total value of $115,275.00. Following the completion of the sale, the insider now directly owns 89,310 shares in the company, valued at approximately $2,589,990. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter C. Teagle III sold 5,630 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $29.75, for a total transaction of $167,492.50. Following the completion of the sale, the director now owns 129,810 shares of the company’s stock, valued at $3,861,847.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,355 shares of company stock valued at $598,550. Company insiders own 4.83% of the company’s stock.

A number of large investors have recently modified their holdings of FLIC. Wedge Capital Management L L P NC acquired a new stake in First of Long Island in the 3rd quarter valued at about $6,924,000. Goldman Sachs Group Inc. lifted its stake in 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 valued at $21,198,000 after purchasing an additional 111,227 shares during the last quarter. Boston Partners lifted its stake in First of Long Island by 74.3% in the 3rd quarter. Boston Partners now owns 206,701 shares of the bank’s stock valued at $6,294,000 after purchasing an additional 88,100 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in 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 valued at $4,949,000 after purchasing an additional 88,100 shares during the last quarter. Finally, Wasatch Advisors Inc. lifted its stake in First of Long Island by 12.4% in the 3rd quarter. Wasatch Advisors Inc. now owns 616,598 shares of the bank’s stock valued at $18,775,000 after purchasing an additional 68,262 shares during the last quarter. Institutional investors and hedge funds own 53.87% of the company’s stock.

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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.

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