Form 4: Director Cooper Reduces Stake in First of Long Island Corp (FSTR)

Director J. Abbott R. Cooper reports a change in beneficial ownership of First of Long Island Corp shares, including a decrease due to the termination of a relationship with separately managed accounts.

Summary

• J. Abbott R. Cooper, a director of First of Long Island Corp (FSTR), filed a Form 4 indicating changes in his beneficial ownership of the company's common stock.
• On August 8, 2023, the relationship between Driver Management Company LLC, controlled by Mr. Cooper, and certain separately managed accounts (SMAs) terminated.
• As a result, Mr. Cooper no longer retains voting or dispositive power over shares held in the SMAs and does not have a pecuniary interest in those shares.
• Cooper's direct holdings of common stock decreased by 309 shares.
• Cooper's indirect holdings through Driver Opportunity Partners I LP remain at 216,647 shares.
• Cooper disclaims beneficial ownership of shares owned by Driver LP except to the extent of his pecuniary interest therein.
• Following the reported transactions, Cooper directly owns 175,969 shares of common stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing reflecting changes in ownership. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.

Negatives

• Cooper's direct holdings of common stock decreased by 309 shares.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. This filing indicates a change in the director's holdings, which could be interpreted in various ways by the market.

Stakeholder Impact

• Shareholders may react to the change in director's holdings, although the impact is likely to be minimal given the nature of the transaction.

Key Dates