Brokerages Expect First of Long Island Corp (NASDAQ:FLIC) to Post $0.44 EPS

Equities research analysts expect First of Long Island Corp (NASDAQ:FLIC) to post $0.44 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for First of Long Island’s earnings, with estimates ranging from $0.42 to $0.45. First of Long Island posted earnings per share of $0.39 in the same quarter last year, which would indicate a positive year over year growth rate of 12.8%. The business is scheduled to issue its next quarterly earnings report on Wednesday, January 29th.

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On average, analysts expect that First of Long Island will report full year earnings of $1.73 per share for the current year. For the next financial year, analysts forecast that the company will post earnings of $1.69 per share, with EPS estimates ranging from $1.65 to $1.73. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for First of Long Island.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings data on Wednesday, October 30th. The bank reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The business had revenue of $27.61 million during the quarter, compared to analyst estimates of $27.79 million. First of Long Island had a net margin of 28.03% and a return on equity of 10.92%.

A number of brokerages have recently issued reports on FLIC. BidaskClub upgraded shares of First of Long Island from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Zacks Investment Research upgraded shares of First of Long Island from a “sell” rating to a “hold” rating in a research report on Tuesday, October 1st.

Shares of FLIC traded up $0.03 during trading hours on Tuesday, reaching $24.25. 29,600 shares of the company traded hands, compared to its average volume of 61,668. First of Long Island has a 1-year low of $17.53 and a 1-year high of $24.47. The stock’s fifty day moving average is $23.07 and its 200 day moving average is $22.22. The stock has a market cap of $591.61 million, a P/E ratio of 14.88 and a beta of 0.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.95 and a current ratio of 0.95.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Wednesday, October 9th were issued a $0.18 dividend. This is a positive change from First of Long Island’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 2.97%. The ex-dividend date was Tuesday, October 8th. First of Long Island’s dividend payout ratio is currently 44.17%.

In related news, CEO Michael N. Vittorio sold 3,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $24.25, for a total value of $72,750.00. Following the transaction, the chief executive officer now directly owns 106,679 shares in the company, valued at $2,586,965.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark D. Curtis sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $23.55, for a total transaction of $117,750.00. Following the completion of the transaction, the executive vice president now owns 61,394 shares in the company, valued at $1,445,828.70. The disclosure for this sale can be found here. Insiders sold 11,000 shares of company stock worth $253,890 over the last 90 days. 4.93% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Susquehanna International Group LLP acquired a new stake in First of Long Island in the second quarter worth $3,285,000. Nuveen Asset Management LLC acquired a new stake in First of Long Island in the second quarter worth $2,526,000. Morgan Stanley raised its holdings in First of Long Island by 1,413.5% in the second quarter. Morgan Stanley now owns 89,040 shares of the bank’s stock worth $1,788,000 after purchasing an additional 83,157 shares during the period. Colony Group LLC acquired a new stake in First of Long Island in the second quarter worth $1,172,000. Finally, FMR LLC raised its holdings in First of Long Island by 292,187.5% in the first quarter. FMR LLC now owns 46,766 shares of the bank’s stock worth $1,025,000 after purchasing an additional 46,750 shares during the period. Institutional investors and hedge funds own 57.20% of the company’s stock.

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

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