Wall Street brokerages forecast that First of Long Island Corp (NASDAQ:FLIC) will announce $28.61 million in sales for the current quarter, Zacks reports. Two analysts have issued 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 reported sales of $28.45 million during the same quarter last year, which would suggest a positive year over year growth rate of 0.6%. The business is scheduled 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 year, with estimates ranging from $115.67 million to $117.50 million. For the next year, analysts expect that the firm will post sales of $120.66 million, with estimates ranging from $120.22 million to $121.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow First of Long Island.
First of Long Island (NASDAQ:FLIC) last posted its earnings results on Wednesday, January 30th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.05). The company had revenue of $24.71 million for the quarter, compared to analyst estimates of $28.51 million. First of Long Island had a return on equity of 11.06% and a net margin of 29.59%.
Several equities analysts have recently issued reports on the company. Zacks Investment Research upgraded First of Long Island from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Friday, January 18th. BidaskClub lowered First of Long Island from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. Finally, Boenning Scattergood assumed coverage on First of Long Island in a research report on Monday, April 1st. They set a “neutral” rating for the company. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $25.50.
In related news, insider Michael N. Vittorio sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $21.12, for a total value of $63,360.00. Following the completion of the transaction, the insider now directly owns 115,679 shares in the company, valued at approximately $2,443,140.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.93% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its position in shares of First of Long Island by 2.2% in the 3rd quarter. BlackRock Inc. now owns 1,863,216 shares of the bank’s stock valued at $40,525,000 after purchasing an additional 40,424 shares during the period. Vanguard Group Inc grew its position in shares of First of Long Island by 2.1% in the 3rd quarter. Vanguard Group Inc now owns 1,035,054 shares of the bank’s stock valued at $22,512,000 after purchasing an additional 21,347 shares during the period. Vanguard Group Inc. grew its position in shares of First of Long Island by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,035,054 shares of the bank’s stock valued at $22,512,000 after purchasing an additional 21,347 shares during the period. Dimensional Fund Advisors LP grew its position in shares of First of Long Island by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 732,545 shares of the bank’s stock valued at $14,614,000 after purchasing an additional 61,242 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its position in shares of First of Long Island by 1.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 523,843 shares of the bank’s stock valued at $10,451,000 after purchasing an additional 6,686 shares during the period. Institutional investors and hedge funds own 56.18% of the company’s stock.
First of Long Island stock opened at $22.67 on Tuesday. The stock has a market cap of $574.43 million, a PE ratio of 13.91 and a beta of 0.68. First of Long Island has a 1 year low of $17.53 and a 1 year high of $28.50. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.94 and a quick ratio of 0.94.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Tuesday, March 12th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $0.68 annualized dividend and a dividend yield of 3.00%. First of Long Island’s payout ratio is currently 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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