The First of Long Island Corporation (FLIC) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of The First of Long Island Corporation (NASDAQ:FLIC) from a hold rating to a buy rating in a research report report published on Thursday morning. They currently have $30.00 price objective on the bank’s stock.

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

Several other research analysts have also issued reports on the stock. ValuEngine raised shares of The First of Long Island Corporation from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub lowered shares of The First of Long Island Corporation from a hold rating to a sell rating in a research note on Saturday, August 19th.

Shares of The First of Long Island Corporation (FLIC) opened at 26.55 on Thursday. The First of Long Island Corporation has a 12-month low of $20.99 and a 12-month high of $30.15. The company has a market capitalization of $647.34 million, a P/E ratio of 18.94 and a beta of 0.79. The company has a 50 day moving average of $27.37 and a 200-day moving average of $27.41.

The First of Long Island Corporation (NASDAQ:FLIC) last issued its earnings results on Friday, July 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $26.14 million for the quarter, compared to analyst estimates of $25.86 million. The First of Long Island Corporation had a net margin of 28.29% and a return on equity of 10.68%. On average, equities analysts anticipate that The First of Long Island Corporation will post $1.51 EPS for the current fiscal year.

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In related news, insider Michael N. Vittorio sold 3,000 shares of The First of Long Island Corporation stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $26.80, for a total transaction of $80,400.00. Following the transaction, the insider now owns 99,006 shares of the company’s stock, valued at approximately $2,653,360.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.83% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in The First of Long Island Corporation by 73.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,617,800 shares of the bank’s stock worth $46,269,000 after acquiring an additional 683,135 shares during the last quarter. Vanguard Group Inc. boosted its stake in The First of Long Island Corporation by 5.3% during the 2nd quarter. Vanguard Group Inc. now owns 974,654 shares of the bank’s stock worth $27,874,000 after acquiring an additional 49,341 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in The First of Long Island Corporation by 17.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 741,182 shares of the bank’s stock worth $21,198,000 after acquiring an additional 111,227 shares during the last quarter. Wasatch Advisors Inc. boosted its stake in The First of Long Island Corporation by 11.0% during the 2nd quarter. Wasatch Advisors Inc. now owns 548,336 shares of the bank’s stock worth $15,682,000 after acquiring an additional 54,423 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in The First of Long Island Corporation by 1.1% during the 2nd quarter. Renaissance Technologies LLC now owns 523,281 shares of the bank’s stock worth $14,966,000 after acquiring an additional 5,800 shares during the last quarter. 51.79% of the stock is currently owned by institutional investors and hedge funds.

The First of Long Island Corporation 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.

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