EVP, Internal Counsel Tanweer Ansari Sells 1000 Shares of First of Long Island Corp
On August 2, 2023, Tanweer Ansari, the Executive Vice President and Internal Counsel of First of Long Island Corp (NASDAQ:FLIC), sold 1000 shares of the company. This move comes as part of a series of insider transactions that have taken place over the past year.
First of Long Island Corp is a financial institution providing banking services to its customers. The company operates through its subsidiary, The First National Bank of Long Island. It offers services including deposit accounts, lending services, cash management, and investment services. The company primarily operates in Nassau and Suffolk Counties of Long Island and the boroughs of New York City.
Tanweer Ansari, a seasoned legal professional, has been serving as the EVP and Internal Counsel of the company. His role involves overseeing the legal aspects of the company's operations and ensuring compliance with relevant laws and regulations. His recent sale of shares marks a significant insider transaction within the company.
Over the past year, Ansari has sold a total of 1000 shares and has not made any purchases. This trend is mirrored in the company's overall insider transactions. In the past year, there have been 2 insider buys and 2 insider sells.
The relationship between insider transactions and stock price can often provide valuable insights. In this case, the sale by Ansari comes at a time when the stock is trading at $13.69, giving the company a market cap of $314.890 million. The price-earnings ratio stands at 7.66, lower than the industry median of 8.75 and the companys historical median price-earnings ratio.
The GuruFocus Value of the stock is $19.64, indicating that the stock is modestly undervalued with a price-to-GF-Value ratio of 0.7. The GF Value is an intrinsic value estimate developed by GuruFocus, calculated based on historical multiples, a GuruFocus adjustment factor, and future estimates of business performance from Morningstar analysts.
The sale by Ansari, coupled with the valuation metrics, could suggest that the stock is undervalued. However, investors should also consider other factors such as the company's financial health, future growth prospects, and overall market conditions before making investment decisions.
As always, insider transactions are just one piece of the puzzle in understanding a company's financial health and outlook. It's crucial to consider a wide range of factors and conduct thorough research before making any investment decisions.
This article first appeared on GuruFocus.
