$27.79 Million in Sales Expected for First of Long Island Corp (NASDAQ:FLIC) This Quarter

Wall Street analysts forecast that First of Long Island Corp (NASDAQ:FLIC) will report sales of $27.79 million for the current quarter, Zacks reports. Two analysts have made estimates for First of Long Island’s earnings, with estimates ranging from $27.17 million to $28.40 million. First of Long Island posted sales of $23.07 million during the same quarter last year, which would indicate a positive year over year growth rate of 20.5%. The company is scheduled to issue its next earnings report on Tuesday, October 29th.

According to Zacks, analysts expect that First of Long Island will report full-year sales of $111.58 million for the current year, with estimates ranging from $110.56 million to $112.60 million. For the next fiscal year, analysts forecast that the firm will report sales of $112.47 million, with estimates ranging from $110.73 million to $114.20 million. Zacks’ sales calculations are an average based on a survey of research firms that cover First of Long Island.

First of Long Island (NASDAQ:FLIC) last announced its earnings results on Monday, July 29th. The bank reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. First of Long Island had a net margin of 28.68% and a return on equity of 10.80%. The business had revenue of $28.00 million during the quarter, compared to analysts’ expectations of $27.81 million.

Several research firms have recently issued reports on FLIC. BidaskClub lowered First of Long Island from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research upgraded shares of First of Long Island from a “sell” rating to a “hold” rating in a report on Tuesday, October 1st.

In other First of Long Island news, insider Michael N. Vittorio sold 3,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $21.13, for a total value of $63,390.00. Following the completion of the sale, the insider now owns 109,679 shares in the company, valued at approximately $2,317,517.27. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.93% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Susquehanna International Group LLP bought a new position in First of Long Island in the 2nd quarter valued at $3,285,000. Acadian Asset Management LLC boosted its holdings in First of Long Island by 50.2% in the 2nd quarter. Acadian Asset Management LLC now owns 40,550 shares of the bank’s stock valued at $815,000 after purchasing an additional 13,553 shares during the period. Grantham Mayo Van Otterloo & Co. LLC bought a new position in First of Long Island in the 2nd quarter valued at $369,000. JPMorgan Chase & Co. boosted its holdings in First of Long Island by 9.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,775 shares of the bank’s stock valued at $141,000 after purchasing an additional 592 shares during the period. Finally, Comerica Bank boosted its holdings in First of Long Island by 13.6% in the 2nd quarter. Comerica Bank now owns 85,009 shares of the bank’s stock valued at $1,817,000 after purchasing an additional 10,193 shares during the period. Hedge funds and other institutional investors own 57.35% of the company’s stock.

NASDAQ:FLIC traded up $0.32 during midday trading on Wednesday, reaching $23.29. 26,400 shares of the company traded hands, compared to its average volume of 62,985. First of Long Island has a twelve month low of $17.53 and a twelve month high of $24.45. The firm has a market capitalization of $565.95 million, a price-to-earnings ratio of 14.29 and a beta of 0.63. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.95 and a quick ratio of 0.95. The company has a fifty day moving average price of $22.76 and a 200 day moving average price of $22.13.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Wednesday, October 9th were paid a $0.18 dividend. This is a positive change from First of Long Island’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, October 8th. This represents a $0.72 annualized dividend and a yield of 3.09%. First of Long Island’s dividend payout ratio (DPR) is 44.17%.

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 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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Earnings History and Estimates for First of Long Island (NASDAQ:FLIC)

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