This High-Yield Dividend Stock Has Nearly Tripled the S&P 500 in 2024

In 2024, the U.S. markets have witnessed a remarkable performance, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite posting impressive gains of 26.5%, 17.4%, and 31.2%, respectively. However, one high-yield dividend stock has stood out among the rest, nearly tripling the performance of the broader market. First of Long Island Corp. (FLIC) has delivered an exceptional return of 78.5% year-to-date, significantly outperforming the broader market and its peers.



FLIC, a small-sized bank with a focus on the Long Island region, has demonstrated remarkable resilience and growth in the face of challenging market conditions. The company's strong dividend yield, consistent dividend growth, and robust financial health have contributed to its impressive performance. Here's a closer look at the key factors driving FLIC's success:

1. High Dividend Yield: FLIC offers a high dividend yield of 6.5%, which is significantly higher than the market average of ~1.3%. This high yield has attracted income-oriented investors, driving up demand for the stock and contributing to its strong performance.
2. Consistent Dividend Growth: FLIC has a history of increasing its dividend payments, with a five-year annualized dividend growth rate of 6.06%. This consistency in dividend growth provides investors with a steady and predictable income stream, making the stock more appealing and driving up its price.
3. Strong Payout Ratio: FLIC's payout ratio of 59% indicates that the company is distributing a reasonable portion of its earnings as dividends. A payout ratio below 60% suggests that the company has room to continue increasing its dividend payments without compromising its financial health.
4. Robust Financial Health: FLIC's strong balance sheet and history of double-digit percentage returns on invested capital suggest that the company is financially stable and capable of sustaining its dividend payments and growth.
5. Niche Market Position: As a small-sized bank with a focus on the Long Island region, FLIC operates in a niche market with limited competition. This can provide the company with a competitive advantage and help it maintain its financial performance.



In conclusion, FLIC's impressive performance in 2024 can be attributed to its high dividend yield, consistent dividend growth, strong payout ratio, robust financial health, and niche market position. As the company continues to demonstrate its resilience and growth, investors can expect FLIC to remain a strong performer in the high-yield dividend stock category. However, it is essential to conduct thorough research and consider the potential risks and challenges before making any investment decisions.