First of Long Island Corp (FLIC) to Issue Quarterly Dividend of $0.17 on October 19th

First of Long Island Corp (NASDAQ:FLIC) announced a quarterly dividend on Thursday, September 27th, NASDAQ reports. Stockholders of record on Wednesday, October 10th will be given a dividend of 0.17 per share by the bank on Friday, October 19th. This represents a $0.68 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Tuesday, October 9th. This is a boost from First of Long Island’s previous quarterly dividend of $0.15.

First of Long Island has increased its dividend by an average of 6.6% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. First of Long Island has a dividend payout ratio of 41.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First of Long Island to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 41.2%.

First of Long Island stock opened at $21.62 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $552.90 million, a PE ratio of 14.61 and a beta of 0.61. First of Long Island has a fifty-two week low of $21.27 and a fifty-two week high of $33.50.

First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings data on Monday, July 30th. The bank reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.05). The company had revenue of $28.56 million for the quarter, compared to analysts’ expectations of $28.73 million. First of Long Island had a net margin of 28.08% and a return on equity of 11.05%. As a group, equities analysts forecast that First of Long Island will post 1.65 earnings per share for the current year.

A number of brokerages recently commented on FLIC. BidaskClub cut shares of First of Long Island from a “hold” rating to a “sell” rating in a research report on Tuesday, June 19th. Zacks Investment Research upgraded shares of First of Long Island from a “sell” rating to a “hold” rating in a research report on Wednesday, July 4th. Finally, ValuEngine cut shares of First of Long Island from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.00.

In other First of Long Island news, Director John J. Desmond bought 4,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were bought at an average price of $22.79 per share, for a total transaction of $99,136.50. Following the transaction, the director now directly owns 4,550 shares in the company, valued at $103,694.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.64% of the stock is owned by company insiders.

An institutional investor recently raised its position in First of Long Island stock. Bank of New York Mellon Corp boosted its position in First of Long Island Corp (NASDAQ:FLIC) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 135,678 shares of the bank’s stock after acquiring an additional 3,735 shares during the period. Bank of New York Mellon Corp owned 0.53% of First of Long Island worth $3,371,000 at the end of the most recent reporting period. 56.70% of the stock is currently owned by hedge funds and other institutional investors.

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 privately owned 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 personal and non-personal money market and savings products.

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Dividend History for First of Long Island (NASDAQ:FLIC)

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