Zacks Investment Management Acquires New Position in First of Long Island Corp (FLIC)

Zacks Investment Management acquired a new stake in shares of First of Long Island Corp (NASDAQ:FLIC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 38,383 shares of the bank’s stock, valued at approximately $766,000. Zacks Investment Management owned about 0.15% of First of Long Island at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FLIC. Basswood Capital Management L.L.C. boosted its stake in 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 valued at $9,747,000 after buying an additional 245,625 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of First of Long Island by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 268,758 shares of the bank’s stock valued at $5,361,000 after purchasing an additional 21,704 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of First of Long Island by 9.1% during the fourth 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 in the last quarter. Advisor Group Inc. boosted its stake in shares of First of Long Island by 659.2% during the fourth quarter. Advisor Group Inc. now owns 7,038 shares of the bank’s stock valued at $141,000 after purchasing an additional 6,111 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in shares of First of Long Island by 4,439.7% during the fourth quarter. Royce & Associates LP now owns 57,700 shares of the bank’s stock valued at $1,151,000 after purchasing an additional 56,429 shares in the last quarter. Hedge funds and other institutional investors own 56.18% of the company’s stock.

In other news, insider Michael N. Vittorio sold 3,000 shares of First of Long Island 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 sale, the insider now directly owns 115,679 shares of the company’s stock, valued at $2,443,140.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.93% of the company’s stock.



Shares of FLIC stock opened at $20.95 on Monday. First of Long Island Corp has a 12 month low of $17.53 and a 12 month high of $28.50. The stock has a market cap of $526.97 million, a PE ratio of 12.85 and a beta of 0.70. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.93.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings results on Wednesday, January 30th. The bank reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.05). First of Long Island had a net margin of 29.59% and a return on equity of 11.06%. The firm had revenue of $24.71 million for the quarter, compared to analyst estimates of $28.51 million. Equities analysts predict that First of Long Island Corp will post 1.8 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Tuesday, March 12th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Monday, March 11th. First of Long Island’s payout ratio is 41.72%.

FLIC has been the topic of a number of recent research reports. BidaskClub raised First of Long Island from a “hold” rating to a “buy” rating in a research note on Monday, January 7th. Zacks Investment Research raised First of Long Island from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Friday, January 18th. Finally, ValuEngine raised First of Long Island from a “strong sell” rating to a “sell” rating in a research note on Saturday, December 1st.

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First of Long Island Company Profile

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to privately owned 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 personal and non-personal money market and savings products.

Further Reading: Special Dividends

Institutional Ownership by Quarter for First of Long Island (NASDAQ:FLIC)

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