Comerica Bank Sells 3,191 Shares of The First of Long Island Co. (NASDAQ:FLIC)

Comerica Bank lessened its position in The First of Long Island Co. (NASDAQ:FLICGet Rating) by 10.4% during the first quarter, Holdings Channel reports. The fund owned 27,568 shares of the bank’s stock after selling 3,191 shares during the period. Comerica Bank’s holdings in First of Long Island were worth $533,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in FLIC. Allspring Global Investments Holdings LLC purchased a new stake in First of Long Island during the fourth quarter valued at about $212,000. Principal Financial Group Inc. purchased a new stake in First of Long Island during the fourth quarter valued at about $522,000. Acadian Asset Management LLC boosted its position in First of Long Island by 30.9% during the fourth quarter. Acadian Asset Management LLC now owns 76,357 shares of the bank’s stock valued at $1,647,000 after buying an additional 18,039 shares during the period. New England Research & Management Inc. purchased a new stake in First of Long Island during the first quarter valued at about $298,000. Finally, BNP Paribas Arbitrage SA boosted its position in First of Long Island by 60.6% during the fourth quarter. BNP Paribas Arbitrage SA now owns 10,171 shares of the bank’s stock valued at $220,000 after buying an additional 3,837 shares during the period. Institutional investors own 65.23% of the company’s stock.

Analyst Ratings Changes

FLIC has been the subject of several analyst reports. StockNews.com lowered shares of First of Long Island from a “buy” rating to a “hold” rating in a research report on Thursday, May 26th. Piper Sandler lowered shares of First of Long Island from an “overweight” rating to a “neutral” rating in a report on Friday, April 29th.

First of Long Island Stock Performance

First of Long Island stock opened at $18.20 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average of $18.07 and a 200-day moving average of $19.56. The firm has a market cap of $420.88 million, a P/E ratio of 9.78 and a beta of 0.52. The First of Long Island Co. has a 1-year low of $16.51 and a 1-year high of $22.95.

First of Long Island (NASDAQ:FLICGet Rating) last posted its earnings results on Thursday, July 28th. The bank reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.07. The company had revenue of $32.72 million during the quarter, compared to analyst estimates of $30.90 million. First of Long Island had a net margin of 32.36% and a return on equity of 10.71%. Sell-side analysts expect that The First of Long Island Co. will post 1.98 EPS for the current year.

First of Long Island Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 22nd. Investors of record on Thursday, July 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Wednesday, July 13th. First of Long Island’s payout ratio is currently 43.01%.

About First of Long Island

(Get Rating)

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, municipalities, and other organizations. The company offers business and small business checking, personal checking, negotiable order of withdrawal, interest on lawyer, escrow service, rent security, personal and nonpersonal money market, savings, time deposit, holiday club, and individual retirement accounts.

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

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