DexCom earnings beat by $0.03, revenue topped estimates
In a year marked by significant volatility in the financial markets, The First of Long (NASDAQ:FLIC) Island Corporation (FLIC) stock has reached a new 52-week high, trading at $14.0 USD. This milestone reflects a notable uptrend in the company's stock value, underpinned by a strong 1-year change of 25.49%. Investors have shown increased confidence in FLIC's performance and prospects, propelling the stock to this new high. The company's strategic initiatives and operational resilience are key factors that have contributed to its impressive year-over-year growth, despite the challenging economic environment.
In other recent news, The First of Long Island Corporation faces a potential wire fraud claim of approximately $11.1 million, following a report of unauthorized wire transfers by a customer in July 2024. Despite the claim, the company's subsidiary, The First National Bank of Long Island, found no evidence of unauthorized network activity after an investigation with a digital forensics firm and has expressed intentions to contest the claim vigorously.
The company, in its recent SEC filing, has not recognized any probable loss in connection to this incident and has not set aside any financial provisions for a potential loss. The bank maintains that the situation is isolated, with no other customers reportedly affected, and operations continue uninterrupted.
On a brighter note, The First of Long Island Corporation reported a strong Q2 performance for 2024, showing growth in key metrics such as return on assets, equity, deposits, loans, and non-interest income. Despite a decrease in net interest income compared to the same quarter last year, the bank expects to maintain positive trends, particularly with anticipated rate cuts by the Fed.
Furthermore, the bank has opened a new branch and is considering further geographic expansion. An increase in non-performing loans was noted, primarily attributed to one specific loan. However, stronger loan originations, particularly in commercial lending, continue.
Finally, the company has $13 million remaining under the buyback program, which it may consider using in the future. These recent developments highlight the company's commitment to expansion and shareholder value.
InvestingPro Insights
The First of Long Island Corporation's recent stock performance aligns with several key financial metrics and insights from InvestingPro. The company's P/E ratio of 14.3 suggests a relatively attractive valuation compared to industry peers. Additionally, FLIC boasts a substantial dividend yield of 6.51%, which may be particularly appealing to income-focused investors in the current market environment.
InvestingPro data reveals that FLIC's stock has demonstrated strong momentum, with a 3-month price total return of 12.44% and a 6-month return of 31.04%. This upward trajectory supports the article's observation of the stock reaching a new 52-week high, now trading at 92.54% of its 52-week high price.
InvestingPro Tips highlight that FLIC has raised its dividend for 26 consecutive years, underscoring the company's commitment to shareholder returns. Another tip notes that the company's earnings per share have been growing, which aligns with the positive investor sentiment mentioned in the article.
For readers interested in a deeper analysis, InvestingPro offers 17 additional tips for The First of Long Island Corporation, providing a comprehensive view of the company's financial health and market position.
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