The First of Long Island Corporation (NASDAQ:FLIC) will unveil its latest earnings on Monday, July 11, 2011. First of Long Island Corporation is a one-bank holding company, which provides financial services through its wholly-owned subsidiary, The First National Bank of Long Island.
The First of Long Island Corporation Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for profit of 56 cents per share, a decline of 17.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 51 cents. For the year, analysts are projecting net income of $2.28 per share, a decline of 0.9% from last year.
Past Earnings Performance: The company topped estimates last quarter after missing forecasts the quarter prior. In the first quarter, it reported profit of 54 cents per share against a mean estimate of net income of 47 cents per share. In the fourth quarter of the last fiscal year, it missed forecasts by 6 cents.
Analyst Ratings: The limited number of analysts covering the stock seem bullish with two analysts rating it as a buy, none rating it as a sell and one rating it as a hold.
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 3.6% while it rose 82.9% in the fourth quarter of the last fiscal year and 20.5% in the third quarter of the last fiscal year.
Revenue has fallen in the past two quarters. In first quarter, revenue declined 2.1% to $20.1 million from the year earlier quarter. In the fourth quarter of the last fiscal year, the figure fell 1.6%.
Competitors to Watch: Community Bank System, Inc. (NYSE:CBU), Intervest Bancshares Corp (NASDAQ:IBCA), Jeffersonville Bancorp (NASDAQ:JFBC), Suffolk Bancorp (NASDAQ:SUBK), NBT Bancorp Inc. (NASDAQ:NBTB), Financial Institutions, Inc (NASDAQ:FISI), Evans Bancorp Inc. (NASDAQ:EVBN), Bridge Bancorp, Inc. (NASDAQ:BDGE), Sterling Bancorp (NYSE:STL), and Arrow Financial Corp. (NASDAQ:AROW).
Stock Price Performance: During June 3, 2011 to July 1, 2011, the stock price has risen $2.48 (9.7%) from $25.55 on June 3, 2011 to $28.03 on July 1, 2011. The stock price saw one of its best stretches over the last year between March 25, 2011, and April 1, 2011, when shares rose for six-straight days, rising 5% (+$1.32) over that span. It saw one of its worst periods between January 27, 2011, and February 2, 2011, when shares fell for five-straight days, falling 5.6% (-$1.63) over that span. Shares are down 27 cents (-1%) year to date.
(Source: Xignite Financials)
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