Michael N. Vittorio Sells 6,570 Shares of First of Long Island Corp (NASDAQ:FLIC) Stock

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First of Long Island Corp (NASDAQ:FLIC) Director Michael N. Vittorio sold 6,570 shares of First of Long Island stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $23.27, for a total transaction of $152,883.90. Following the sale, the director now directly owns 107,596 shares of the company’s stock, valued at approximately $2,503,758.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Shares of NASDAQ FLIC opened at $23.27 on Friday. The company’s fifty day moving average is $23.69 and its 200-day moving average is $23.28. The stock has a market cap of $643.18 million, a price-to-earnings ratio of 13.85 and a beta of 0.58. First of Long Island Corp has a twelve month low of $20.05 and a twelve month high of $25.53. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.97.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings results on Thursday, January 30th. The bank reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.06). The firm had revenue of $27.32 million for the quarter, compared to the consensus estimate of $27.56 million. First of Long Island had a return on equity of 11.21% and a net margin of 26.90%. On average, research analysts anticipate that First of Long Island Corp will post 1.75 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 20th. Stockholders of record on Wednesday, January 8th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.09%. First of Long Island’s dividend payout ratio is 41.14%.

A number of research firms have commented on FLIC. Zacks Investment Research raised shares of First of Long Island from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Wednesday, February 5th. BidaskClub cut shares of First of Long Island from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 23rd.

Several hedge funds and other institutional investors have recently made changes to their positions in FLIC. Millennium Management LLC boosted its position in shares of First of Long Island by 1,428.0% during the third quarter. Millennium Management LLC now owns 237,885 shares of the bank’s stock worth $5,411,000 after purchasing an additional 222,317 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in First of Long Island in the 2nd quarter valued at $2,526,000. Morgan Stanley lifted its position in First of Long Island by 1,413.5% in the 2nd quarter. Morgan Stanley now owns 89,040 shares of the bank’s stock valued at $1,788,000 after acquiring an additional 83,157 shares in the last quarter. Renaissance Technologies LLC lifted its position in First of Long Island by 10.2% in the 4th quarter. Renaissance Technologies LLC now owns 780,281 shares of the bank’s stock valued at $19,569,000 after acquiring an additional 72,300 shares in the last quarter. Finally, FMR LLC lifted its position in First of Long Island by 44.7% in the 4th quarter. FMR LLC now owns 173,988 shares of the bank’s stock valued at $4,363,000 after acquiring an additional 53,708 shares in the last quarter. 48.67% of the stock is currently owned by institutional investors.

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.

See Also: Closed-End Mutual Funds

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