FLIC Dividend Type Payments

Although FLIC has no upcoming (meaning, Board-approved and announced) dividends, you can sell covered calls on First of Long Island Corp to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Fri 11:55 AM ET):

First of Long Island Corp (FLIC)
Bid Ask Last Change Volume P/E Market Cap
20.92 20.98 20.95 -0.83 20K 13 0.5B

FLIC Dividend-Like Income Using Covered Calls

With FLIC at 20.95, here's a table showing how big the annual "dividend" (ie. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield Annual Premium Cents/Day
3% 0.63 0.2
5% 1.05 0.3
10% 2.10 0.6

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On FLIC Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Jun 21 22.50 0.55 92 0.6 1.52 (7.3%)
5% Yield On FLIC Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Jun 21 22.50 0.55 92 0.6 1.52 (7.3%)
10% Yield On FLIC Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Jun 21 22.50 0.55 92 0.6 1.52 (7.3%)

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