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

StockNews.com began coverage on shares of First of Long Island (NASDAQ:FLIC) in a research note issued to investors on Saturday. The firm issued a hold rating on the bank’s stock.

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

First of Long Island Price Performance

Shares of FLIC stock opened at $13.42 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.14. The stock has a market cap of $302.16 million, a price-to-earnings ratio of 12.43 and a beta of 0.69. The business’s fifty day moving average is $12.75 and its 200 day moving average is $11.35. First of Long Island has a twelve month low of $9.30 and a twelve month high of $13.95.

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

First of Long Island Announces Dividend

The business 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 is Friday, October 11th. This represents a $0.84 annualized dividend and a dividend yield of 6.26%. First of Long Island’s payout ratio is presently 77.78%.

Insider Buying and Selling

In other First of Long Island news, Director John Abbott Root Cooper sold 166,633 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $12.70, for a total transaction of $2,116,239.10. Following the completion of the sale, the director now directly owns 3,453 shares in the company, valued at approximately $43,853.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.33% of the stock is currently owned by company insiders.

Institutional Trading of First of Long Island

A number of institutional investors and hedge funds have recently modified their holdings of FLIC. AQR Capital Management LLC lifted its holdings in shares of First of Long Island by 272.6% during 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 in the last quarter. ProShare Advisors LLC lifted its stake in First of Long Island by 8.2% during the 1st quarter. ProShare Advisors LLC now owns 687,077 shares of the bank’s stock valued at $7,620,000 after acquiring an additional 51,872 shares during the period. American Century Companies Inc. boosted its holdings in shares of First of Long Island by 17.3% during the 2nd quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock valued at $3,522,000 after acquiring an additional 51,792 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of First of Long Island during the 2nd quarter valued at about $230,000. Finally, Marshall Wace LLP bought a new stake in shares of First of Long Island in the second quarter worth approximately $209,000. Institutional investors own 48.33% of the company’s stock.

First of Long Island Company Profile

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.