StockNews.com Begins Coverage on First of Long Island (NASDAQ:FLIC)

StockNews.com started coverage on shares of First of Long Island (NASDAQ:FLIC) in a research note released on Thursday morning. The brokerage issued a hold rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods boosted their price target on shares of First of Long Island from $11.00 to $13.00 and gave the company a market perform rating in a research report on Monday, July 29th.

First of Long Island Stock Up 1.3 %

FLIC stock opened at $12.91 on Thursday. The company has a market cap of $290.68 million, a price-to-earnings ratio of 11.95 and a beta of 0.69. The firm has a 50-day moving average of $12.56 and a two-hundred day moving average of $11.18. First of Long Island has a 12 month low of $9.30 and a 12 month high of $13.95. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.14.

First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. The firm had revenue of $45.41 million during the quarter, compared to analysts’ expectations of $20.90 million. First of Long Island had a return on equity of 5.93% and a net margin of 12.58%. During the same quarter last year, the firm earned $0.31 earnings per share.

First of Long Island Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 6.51%. First of Long Island’s dividend payout ratio is currently 77.78%.

Insider Activity at First of Long Island

In other news, Director John Abbott Root Cooper sold 166,633 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $12.70, for a total value of $2,116,239.10. Following the transaction, the director now owns 3,453 shares of the company’s stock, valued at $43,853.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.33% of the stock is currently owned by insiders.

Institutional Trading of First of Long Island

Several institutional investors and hedge funds have recently bought and sold shares of FLIC. Vanguard Group Inc. increased its position in shares of First of Long Island by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,144,181 shares of the bank’s stock valued at $12,689,000 after acquiring an additional 8,109 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of First of Long Island by 8.2% during the 1st quarter. ProShare Advisors LLC now owns 687,077 shares of the bank’s stock worth $7,620,000 after purchasing an additional 51,872 shares during the period. Renaissance Technologies LLC increased its holdings in First of Long Island by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 606,650 shares of the bank’s stock valued at $6,079,000 after purchasing an additional 10,400 shares during the last quarter. AQR Capital Management LLC raised its position in First of Long Island by 272.6% in the second quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock valued at $4,397,000 after purchasing an additional 321,032 shares during the period. Finally, American Century Companies Inc. lifted its stake in First of Long Island by 17.3% during the second quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock worth $3,522,000 after purchasing an additional 51,792 shares in the last quarter. 48.33% of the stock is currently owned by hedge funds and other institutional investors.

About First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, municipalities, and other organizations. The company offers business and small business checking, personal checking, negotiable order of withdrawal, interest on lawyer, escrow service, rent security, personal and nonpersonal money market, savings, time deposit, and individual retirement accounts.