First of Long Island Corp (FLIC) Expected to Post Quarterly Sales of $28.61 Million
Wall Street analysts predict that First of Long Island Corp (NASDAQ:FLIC) will report $28.61 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for First of Long Island’s earnings, with the highest sales estimate coming in at $29.10 million and the lowest estimate coming in at $28.11 million. First of Long Island posted sales of $28.45 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.6%. The business is expected to announce its next quarterly earnings results on Monday, April 29th.
On average, analysts expect that First of Long Island will report full-year sales of $116.59 million for the current fiscal year, with estimates ranging from $115.67 million to $117.50 million. For the next fiscal year, analysts expect that the firm will report sales of $120.66 million, with estimates ranging from $120.22 million to $121.10 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that follow First of Long Island.
First of Long Island (NASDAQ:FLIC) last released its quarterly earnings results on Wednesday, January 30th. The bank reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.05). First of Long Island had a return on equity of 11.06% and a net margin of 29.59%. The company had revenue of $24.71 million during the quarter, compared to analyst estimates of $28.51 million.
In other First of Long Island news, insider Michael N. Vittorio sold 3,000 shares of the business’s stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $21.12, for a total transaction of $63,360.00. Following the completion of the sale, the insider now owns 115,679 shares of the company’s stock, valued at $2,443,140.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.93% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of FLIC. Basswood Capital Management L.L.C. boosted its position in shares of First of Long Island by 101.1% in the fourth quarter. Basswood Capital Management L.L.C. now owns 488,568 shares of the bank’s stock worth $9,747,000 after buying an additional 245,625 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First of Long Island by 11.7% in the third quarter. Dimensional Fund Advisors LP now owns 671,303 shares of the bank’s stock worth $14,601,000 after acquiring an additional 70,076 shares in the last quarter. Royce & Associates LP lifted its stake in shares of First of Long Island by 4,439.7% in the fourth quarter. Royce & Associates LP now owns 57,700 shares of the bank’s stock worth $1,151,000 after acquiring an additional 56,429 shares in the last quarter. Maltese Capital Management LLC lifted its stake in shares of First of Long Island by 25.5% in the third quarter. Maltese Capital Management LLC now owns 235,600 shares of the bank’s stock worth $5,124,000 after acquiring an additional 47,900 shares in the last quarter. Finally, Cutler Capital Management LLC acquired a new position in shares of First of Long Island in the fourth quarter worth about $947,000. 56.18% of the stock is owned by institutional investors.
NASDAQ FLIC opened at $22.67 on Tuesday. First of Long Island has a fifty-two week low of $17.53 and a fifty-two week high of $28.50. The firm has a market capitalization of $574.43 million, a PE ratio of 13.91 and a beta of 0.68. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.93.
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Tuesday, March 12th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Monday, March 11th. First of Long Island’s dividend payout ratio (DPR) is presently 41.72%.
About First of Long Island
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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