Don’t Ignore The Fact That This Insider Just Sold Some Shares In The First of Long Island Corporation (NASDAQ:FLIC)

Investors may wish to note that the President of The First of Long Island Corporation, Michael Vittorio, recently netted US$63k from selling stock, receiving an average price of US$21.13. On the bright side, that’s just a small sale and only reduced their holding by 2.7%.

See our latest analysis for First of Long Island

The Last 12 Months Of Insider Transactions At First of Long Island

The Executive Vice President, Donald Manfredonia, made the biggest insider sale in the last 12 months. That single transaction was for US$80k worth of shares at a price of US$21.08 each. So it’s clear an insider wanted to take some cash off the table, even below the current price of US$21.84. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. However, while insider selling is sometimes discouraging, it’s only a weak signal. We note that the biggest single sale was only 3.2% of Donald Manfredonia’s holding.

Over the last year, we can see that insiders have bought 2000 shares worth US$40k. On the other hand they divested 15772 shares, for US$336k. In total, First of Long Island insiders sold more than they bought over the last year. You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

NasdaqCM:FLIC Recent Insider Trading, August 21st 2019
NasdaqCM:FLIC Recent Insider Trading, August 21st 2019

Does First of Long Island Boast High Insider Ownership?

Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. First of Long Island insiders own about US$28m worth of shares. That equates to 5.2% of the company. While this is a strong but not outstanding level of insider ownership, it’s enough to indicate some alignment between management and smaller shareholders.

So What Do The First of Long Island Insider Transactions Indicate?

An insider sold First of Long Island shares recently, but they didn’t buy any. Despite some insider buying, the longer term picture doesn’t make us feel much more positive. On the plus side, First of Long Island makes money, and is growing profits. Insider ownership isn’t particularly high, so this analysis makes us cautious about the company. We’d think twice before buying! Therefore, you should should definitely take a look at this FREE report showing analyst forecasts for First of Long Island.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.