First of Long Island (FLIC) Given a $33.00 Price Target at Sandler O’Neill

Sandler O’Neill set a $33.00 price target on First of Long Island (NASDAQ:FLIC) in a report released on Wednesday. The firm currently has a buy rating on the bank’s stock.

FLIC has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of First of Long Island from a hold rating to a buy rating and set a $34.00 price objective for the company in a report on Thursday, September 28th. ValuEngine lowered shares of First of Long Island from a buy rating to a hold rating in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. First of Long Island currently has a consensus rating of Hold and a consensus target price of $31.67.

Shares of First of Long Island (FLIC) traded up $0.15 on Wednesday, reaching $27.85. 71,500 shares of the company were exchanged, compared to its average volume of 56,367. First of Long Island has a one year low of $25.60 and a one year high of $33.50. The company has a market cap of $682.28, a price-to-earnings ratio of 19.34 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.24.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Monday, October 30th. The bank reported $0.38 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.38. First of Long Island had a net margin of 28.36% and a return on equity of 10.81%. The company had revenue of $26.87 million during the quarter, compared to analyst estimates of $27.05 million. equities analysts predict that First of Long Island will post 1.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.15%. First of Long Island’s dividend payout ratio is currently 41.67%.

In other news, Director Milbrey Rennie Taylor sold 2,079 shares of First of Long Island stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $30.11, for a total value of $62,598.69. Following the transaction, the director now owns 20,001 shares of the company’s stock, valued at approximately $602,230.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Walter C. Teagle III sold 5,630 shares of First of Long Island stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $29.75, for a total transaction of $167,492.50. Following the completion of the transaction, the director now directly owns 129,810 shares in the company, valued at approximately $3,861,847.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,434 shares of company stock valued at $661,149. Company insiders own 4.83% of the company’s stock.

Several institutional investors have recently modified their holdings of FLIC. Franklin Resources Inc. grew its position in shares of First of Long Island by 73.1% in the 2nd quarter. Franklin Resources Inc. now owns 1,617,800 shares of the bank’s stock worth $46,269,000 after buying an additional 683,135 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in First of Long Island during the 3rd quarter worth $6,924,000. Goldman Sachs Group Inc. grew its stake in First of Long Island 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 buying an additional 111,227 shares during the last quarter. Boston Partners grew its stake in First of Long Island by 74.3% during the 3rd quarter. Boston Partners now owns 206,701 shares of the bank’s stock worth $6,294,000 after buying an additional 88,100 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in First of Long Island by 118.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 162,550 shares of the bank’s stock worth $4,949,000 after buying an additional 88,100 shares during the last quarter. 53.63% of the stock is currently owned by hedge funds and other institutional investors.

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First of Long Island 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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