ValuEngine lowered shares of The First of Long Island (NASDAQ:FLIC) from a buy rating to a hold rating in a research note released on Friday morning.

Several other research firms also recently commented on FLIC. Zacks Investment Research downgraded shares of The First of Long Island from a buy rating to a hold rating in a report on Wednesday, September 27th. BidaskClub upgraded shares of The First of Long Island from a sell rating to a hold rating in a research report on Wednesday, August 9th.

The First of Long Island (FLIC) opened at $30.30 on Friday. The First of Long Island has a 1-year low of $25.60 and a 1-year high of $33.50. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $736.47, a price-to-earnings ratio of 20.76 and a beta of 0.77.

The First of Long Island (NASDAQ:FLIC) last released its earnings results on Monday, October 30th. The bank reported $0.38 EPS for the quarter, hitting the consensus estimate of $0.38. The First of Long Island had a net margin of 28.36% and a return on equity of 10.81%. The firm had revenue of $26.87 million for the quarter, compared to the consensus estimate of $27.05 million. research analysts expect that The First of Long Island will post 1.5 EPS for the current fiscal year.

In related news, Director Milbrey Rennie Taylor sold 2,079 shares of the business’s stock in a transaction 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 sale, the director now owns 20,001 shares in the company, valued at $602,230.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Donald L. Manfredonia sold 1,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $29.17, for a total transaction of $29,170.00. Following the completion of the sale, the executive vice president now owns 108,500 shares in the company, valued at approximately $3,164,945. The disclosure for this sale can be found here. Insiders sold 16,804 shares of company stock worth $493,656 in the last 90 days. 4.83% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of FLIC. Franklin Resources Inc. increased its position in The First of Long Island by 73.1% during the second quarter. Franklin Resources Inc. now owns 1,617,800 shares of the bank’s stock valued at $46,269,000 after acquiring an additional 683,135 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in The First of Long Island during the third quarter valued at $6,924,000. Goldman Sachs Group Inc. increased its position in The First of Long Island by 17.7% during the second quarter. Goldman Sachs Group Inc. now owns 741,182 shares of the bank’s stock valued at $21,198,000 after acquiring an additional 111,227 shares during the last quarter. Boston Partners increased its position in The First of Long Island by 74.3% during the third quarter. Boston Partners now owns 206,701 shares of the bank’s stock valued at $6,294,000 after acquiring an additional 88,100 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in The First of Long Island by 118.3% during the third quarter. Russell Investments Group Ltd. now owns 162,550 shares of the bank’s stock valued at $4,949,000 after acquiring an additional 88,100 shares during the last quarter. Institutional investors and hedge funds own 53.63% of the company’s stock.

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The 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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