First of Long Island (NASDAQ:FLIC) Downgraded by BidaskClub to Sell

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BidaskClub lowered shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a sell rating in a research note published on Thursday, BidAskClub reports.

Separately, Zacks Investment Research upgraded shares of First of Long Island from a sell rating to a hold rating in a report on Tuesday, October 1st.

FLIC opened at $24.22 on Thursday. The firm has a market capitalization of $668.33 million, a P/E ratio of 14.86 and a beta of 0.63. The firm’s 50 day moving average is $23.80 and its 200-day moving average is $22.37. First of Long Island has a 52-week low of $17.53 and a 52-week high of $24.62. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.97.

First of Long Island (NASDAQ:FLIC) last posted its earnings results on Wednesday, October 30th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $27.61 million for the quarter, compared to analysts’ expectations of $27.79 million. First of Long Island had a net margin of 28.03% and a return on equity of 10.93%. Equities analysts expect that First of Long Island will post 1.73 earnings per share for the current fiscal year.

In other First of Long Island news, EVP Mark D. Curtis sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $23.55, for a total transaction of $117,750.00. Following the completion of the sale, the executive vice president now owns 61,394 shares in the company, valued at approximately $1,445,828.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael N. Vittorio sold 3,000 shares of First of Long Island stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $24.25, for a total value of $72,750.00. Following the sale, the chief executive officer now owns 106,679 shares in the company, valued at $2,586,965.75. The disclosure for this sale can be found here. Insiders own 4.93% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in FLIC. California State Teachers Retirement System grew its position in shares of First of Long Island by 1.2% during the third quarter. California State Teachers Retirement System now owns 37,327 shares of the bank’s stock worth $849,000 after buying an additional 446 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of First of Long Island by 9.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,775 shares of the bank’s stock worth $141,000 after purchasing an additional 592 shares during the last quarter. Strs Ohio increased its position in shares of First of Long Island by 0.7% in the 2nd quarter. Strs Ohio now owns 132,700 shares of the bank’s stock worth $2,664,000 after purchasing an additional 900 shares during the last quarter. Cutler Capital Management LLC raised its stake in shares of First of Long Island by 2.3% in the 2nd quarter. Cutler Capital Management LLC now owns 53,150 shares of the bank’s stock valued at $1,067,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of First of Long Island by 10.1% in the 2nd quarter. Bank of Montreal Can now owns 22,193 shares of the bank’s stock valued at $445,000 after purchasing an additional 2,029 shares in the last quarter. 48.67% of the stock is currently owned by institutional investors.

First of Long Island Company Profile

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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