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

StockNews.com initiated coverage on shares of First of Long Island (NASDAQ:FLIC) in a report published on Wednesday. The firm issued a hold rating on the bank’s stock.

First of Long Island Stock Up 1.9 %

First of Long Island stock opened at $12.00 on Wednesday. First of Long Island has a fifty-two week low of $9.30 and a fifty-two week high of $15.03. The stock has a market cap of $270.55 million, a PE ratio of 16.00 and a beta of 0.75. The firm’s 50-day simple moving average is $12.55 and its 200 day simple moving average is $12.95. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.98 and a current ratio of 0.98.

First of Long Island (NASDAQ:FLIC) last released its quarterly earnings results on Thursday, January 30th. The bank reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.10). First of Long Island had a return on equity of 4.74% and a net margin of 9.52%.

First of Long Island Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Monday, March 24th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 7.00%. The ex-dividend date is Monday, March 24th. First of Long Island’s payout ratio is 112.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLIC. Dimensional Fund Advisors LP raised its position in shares of First of Long Island by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,154,523 shares of the bank’s stock valued at $13,485,000 after purchasing an additional 55,710 shares during the period. Wellington Management Group LLP raised its position in shares of First of Long Island by 50.5% in the fourth quarter. Wellington Management Group LLP now owns 632,365 shares of the bank’s stock valued at $7,386,000 after purchasing an additional 212,216 shares during the period. Renaissance Technologies LLC raised its position in shares of First of Long Island by 3.6% in the fourth quarter. Renaissance Technologies LLC now owns 616,050 shares of the bank’s stock valued at $7,195,000 after purchasing an additional 21,200 shares during the period. State Street Corp raised its position in shares of First of Long Island by 3.4% in the third quarter. State Street Corp now owns 505,758 shares of the bank’s stock valued at $6,509,000 after purchasing an additional 16,456 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of First of Long Island by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 504,859 shares of the bank’s stock valued at $5,898,000 after purchasing an additional 3,978 shares during the period. 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.