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

Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of The First of Long Island Corporation from a hold rating to a buy rating and set a $30.00 price objective for the company in a report on Wednesday, August 23rd. BidaskClub cut shares of The First of Long Island Corporation from a hold rating to a sell rating in a report on Saturday, August 19th.

The First of Long Island Corporation (NASDAQ FLIC) traded up 0.93% during midday trading on Friday, reaching $27.00. 30,328 shares of the company’s stock traded hands. The firm’s 50-day moving average is $27.47 and its 200 day moving average is $27.46. The firm has a market cap of $658.31 million, a PE ratio of 19.26 and a beta of 0.79. The First of Long Island Corporation has a 52-week low of $25.08 and a 52-week high of $40.40.

The First of Long Island Corporation (NASDAQ:FLIC) last issued its earnings results on Friday, July 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. The business had revenue of $26.14 million during the quarter, compared to analysts’ expectations of $25.86 million. The First of Long Island Corporation had a net margin of 28.29% and a return on equity of 10.68%. Equities research analysts expect that The First of Long Island Corporation will post $1.51 earnings per share for the current fiscal year.

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In other The First of Long Island Corporation news, insider Donald L. Manfredonia sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $27.93, for a total transaction of $27,930.00. Following the completion of the sale, the insider now directly owns 100,231 shares of the company’s stock, valued at $2,799,451.83. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Donald L. Manfredonia sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $28.71, for a total transaction of $57,420.00. Following the sale, the insider now directly owns 99,731 shares of the company’s stock, valued at $2,863,277.01. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,000 shares of company stock valued at $195,680. 4.83% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in FLIC. Franklin Resources Inc. raised its position in The First of Long Island Corporation by 73.1% in the second 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. Strs Ohio purchased a new position in The First of Long Island Corporation during the first quarter worth $3,246,000. Goldman Sachs Group Inc. raised its position in The First of Long Island Corporation by 17.7% in the second 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. Vanguard Group Inc. raised its position in The First of Long Island Corporation by 9.9% in the first quarter. Vanguard Group Inc. now owns 925,313 shares of the bank’s stock worth $25,030,000 after buying an additional 83,555 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in The First of Long Island Corporation by 19.3% in the second quarter. Dimensional Fund Advisors LP now owns 368,488 shares of the bank’s stock worth $10,539,000 after buying an additional 59,491 shares during the last quarter. 51.79% of the stock is owned by institutional investors and hedge funds.

The First of Long Island Corporation 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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