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

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

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

FLIC traded up $0.04 during trading on Thursday, hitting $24.22. The company had a trading volume of 58,467 shares, compared to its average volume of 60,400. First of Long Island has a 1-year low of $17.53 and a 1-year high of $24.62. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $669.44 million, a PE ratio of 14.86 and a beta of 0.63. The business has a 50-day moving average of $23.80 and a 200-day moving average of $22.37.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Wednesday, October 30th. The bank reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The company had revenue of $27.61 million during the quarter, compared to analyst estimates of $27.79 million. First of Long Island had a net margin of 28.03% and a return on equity of 10.93%. Research analysts forecast that First of Long Island will post 1.73 earnings per share for the current year.

In other news, EVP Mark D. Curtis sold 5,000 shares of the business’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 value of $117,750.00. Following the completion of the sale, the executive vice president now directly owns 61,394 shares in the company, valued at approximately $1,445,828.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael N. Vittorio sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $24.25, for a total value of $72,750.00. Following the sale, the chief executive officer now directly owns 106,679 shares in the company, valued at $2,586,965.75. The disclosure for this sale can be found here. 4.93% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. acquired a new stake in shares of First of Long Island during the third quarter worth $51,000. Tower Research Capital LLC TRC lifted its position in shares of First of Long Island by 669.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,733 shares of the bank’s stock worth $95,000 after buying an additional 4,118 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings 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 valued at $141,000 after buying an additional 592 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of First of Long Island by 20.5% in the 3rd quarter. Squarepoint Ops LLC now owns 15,714 shares of the bank’s stock valued at $357,000 after buying an additional 2,675 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of First of Long Island in the 2nd quarter valued at about $369,000. Hedge funds and other institutional investors own 48.67% of the company’s stock.

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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