The First of Long Island Corporation (FLIC) Rating Lowered to Hold at Zacks Investment Research

The First of Long Island Corporation (NASDAQ:FLIC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “

Shares of The First of Long Island Corporation (NASDAQ:FLIC) traded up 1.26% during midday trading on Tuesday, reaching $28.10. The company had a trading volume of 49,028 shares. The First of Long Island Corporation has a 52 week low of $25.08 and a 52 week high of $40.40. The company’s 50 day moving average price is $27.70 and its 200-day moving average price is $30.96. The company has a market capitalization of $665.94 million, a P/E ratio of 20.97 and a beta of 0.74.

The First of Long Island Corporation (NASDAQ:FLIC) last posted its quarterly earnings data on Monday, January 30th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.04. The First of Long Island Corporation had a net margin of 26.94% and a return on equity of 10.47%. On average, equities research analysts predict that The First of Long Island Corporation will post $1.46 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in The First of Long Island Corporation by 0.3% in the third quarter. JPMorgan Chase & Co. now owns 238,511 shares of the company’s stock valued at $7,907,000 after buying an additional 708 shares in the last quarter. Boston Partners increased its stake in The First of Long Island Corporation by 5.6% in the third quarter. Boston Partners now owns 87,660 shares of the company’s stock valued at $2,906,000 after buying an additional 4,620 shares in the last quarter. Anchor Capital Advisors LLC increased its position in shares of The First of Long Island Corporation by 0.7% in the second quarter. Anchor Capital Advisors LLC now owns 35,088 shares of the company’s stock worth $1,006,000 after buying an additional 228 shares during the period. Highlander Capital Management LLC increased its position in shares of The First of Long Island Corporation by 55.9% in the second quarter. Highlander Capital Management LLC now owns 17,289 shares of the company’s stock worth $496,000 after buying an additional 6,199 shares during the period. Finally, Crawford Investment Counsel Inc. increased its position in shares of The First of Long Island Corporation by 15.3% in the second quarter. Crawford Investment Counsel Inc. now owns 115,197 shares of the company’s stock worth $3,303,000 after buying an additional 15,244 shares during the period. 34.16% of the stock is owned by hedge funds and other institutional investors.

About The First of Long Island Corporation

The First of Long Island Corporation is a one-bank holding company. The Company provides financial services through its subsidiary, The First National Bank of Long Island (the Bank). Its services include account reconciliation services, bank by mail, personal money orders, bill payment, remote deposit, cash management services, safe deposit boxes, collection services securities transactions, controlled disbursement accounts, signature guarantee services, drive-in banking, merchant credit card services, and investment management and trust services.

5 Day Chart for NASDAQ:FLIC

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