Wall Street analysts expect that First of Long Island Corp (NASDAQ:FLIC) will report $27.56 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for First of Long Island’s earnings, with estimates ranging from $27.42 million to $27.70 million. First of Long Island reported sales of $24.71 million during the same quarter last year, which indicates a positive year over year growth rate of 11.5%. The company is scheduled to report its next earnings results on Wednesday, January 29th.
On average, analysts expect that First of Long Island will report full-year sales of $110.99 million for the current year, with estimates ranging from $110.88 million to $111.10 million. For the next financial year, analysts expect that the business will report sales of $111.15 million, with estimates ranging from $111.10 million to $111.19 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for First of Long Island.
First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings data on Wednesday, October 30th. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm had revenue of $27.61 million for the quarter, compared to the consensus estimate of $27.79 million. First of Long Island had a return on equity of 10.92% and a net margin of 28.03%.
Several equities research analysts have recently weighed in on FLIC shares. Zacks Investment Research raised First of Long Island from a “sell” rating to a “hold” rating in a research report on Tuesday, October 1st. BidaskClub raised First of Long Island from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th.
In related news, insider Michael N. Vittorio sold 3,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $21.13, for a total value of $63,390.00. Following the completion of the transaction, the insider now directly owns 109,679 shares in the company, valued at $2,317,517.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark D. Curtis sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $23.55, for a total value of $117,750.00. Following the completion of the transaction, the executive vice president now owns 61,394 shares of the company’s stock, valued at $1,445,828.70. The disclosure for this sale can be found here. Insiders sold 11,000 shares of company stock valued at $253,890 over the last 90 days. 4.93% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in FLIC. Susquehanna International Group LLP acquired a new position in shares of First of Long Island during the 2nd quarter worth $3,285,000. Nuveen Asset Management LLC acquired a new position in First of Long Island during the second quarter valued at approximately $2,526,000. Morgan Stanley lifted its position in shares of First of Long Island by 1,413.5% during the second quarter. Morgan Stanley now owns 89,040 shares of the bank’s stock worth $1,788,000 after purchasing an additional 83,157 shares in the last quarter. Colony Group LLC bought a new stake in First of Long Island during the second quarter valued at $1,172,000. Finally, FMR LLC increased its stake in First of Long Island by 292,187.5% during the first quarter. FMR LLC now owns 46,766 shares of the bank’s stock valued at $1,025,000 after purchasing an additional 46,750 shares during the last quarter. Hedge funds and other institutional investors own 57.20% of the company’s stock.
Shares of FLIC traded up $0.03 during trading hours on Thursday, reaching $24.25. The company’s stock had a trading volume of 29,600 shares, compared to its average volume of 61,668. First of Long Island has a 1-year low of $17.53 and a 1-year high of $24.47. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.96. The firm has a market cap of $591.61 million, a price-to-earnings ratio of 14.88 and a beta of 0.61. The company has a 50 day moving average of $23.07 and a two-hundred day moving average of $22.22.
The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Wednesday, October 9th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. This is a positive change from First of Long Island’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, October 8th. First of Long Island’s dividend payout ratio is presently 44.17%.
About First of Long Island
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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