Todays Report: The First of Long Island Corp. (FLIC) Releases Earnings Results, Misses Estimates By $0.02 EPS

The First of Long Island Corp. (FLIC) Releases  Earnings Results, Misses Estimates By $0.02 EPS

The First of Long Island Corp. (NASDAQ:FLIC) announced its earnings results on Thursday. The company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The First of Long Island Corp. had a return on equity of 10.90% and a net margin of 26.76%.

The First of Long Island Corp. (NASDAQ:FLIC) opened at 32.10 on Monday. The First of Long Island Corp. has a one year low of $26.14 and a one year high of $33.53. The stock has a 50 day moving average price of $32.39 and a 200 day moving average price of $30.88. The firm has a market cap of $504.19 million, a PE ratio of 16.11 and a beta of 0.72. The First of Long Island Corp.’s stock is scheduled to split on Tuesday, November 29th. The 3-2 split was announced on Thursday, October 27th. The newly minted shares will be payable to shareholders after the market closes on Monday, November 28th.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Wednesday, October 5th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Monday, October 3rd. This is a boost from The First of Long Island Corp.’s previous quarterly dividend of $0.20. The First of Long Island Corp.’s payout ratio is 42.42%.

In other The First of Long Island Corp. news, CEO Michael N. Vittorio sold 3,634 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $32.65, for a total value of $118,650.10. Following the sale, the chief executive officer now directly owns 65,113 shares in the company, valued at $2,125,939.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael N. Vittorio sold 4,066 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $32.75, for a total value of $133,161.50. Following the completion of the sale, the chief executive officer now owns 66,461 shares in the company, valued at $2,176,597.75. The disclosure for this sale can be found here. 6.18% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Maltese Capital Management LLC acquired a new stake in The First of Long Island Corp. during the second quarter worth $1,864,000. Teachers Advisors Inc. boosted its stake in The First of Long Island Corp. by 29.6% in the second quarter. Teachers Advisors Inc. now owns 22,630 shares of the company’s stock worth $649,000 after buying an additional 5,170 shares in the last quarter. American International Group Inc. boosted its stake in The First of Long Island Corp. by 14.5% in the second quarter. American International Group Inc. now owns 8,201 shares of the company’s stock worth $235,000 after buying an additional 1,036 shares in the last quarter. Alliancebernstein L.P. acquired a new stake in The First of Long Island Corp. during the second quarter worth $214,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in The First of Long Island Corp. by 5.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 511,005 shares of the company’s stock worth $14,651,000 after buying an additional 27,615 shares in the last quarter. Institutional investors own 47.85% of the company’s stock.

Several brokerages recently weighed in on FLIC. Keefe, Bruyette & Woods boosted their target price on The First of Long Island Corp. from $31.00 to $32.50 and gave the stock a “market perform” rating in a research note on Wednesday, August 17th. Zacks Investment Research downgraded The First of Long Island Corp. from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 4th. Finally, Raymond James Financial Inc. upgraded The First of Long Island Corp. from a “market perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a research note on Thursday, August 25th.

About The First of Long Island Corp.

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