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 issued to investors on Sunday. The firm issued a hold rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods upgraded First of Long Island from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.04 to $16.56 in a research report on Tuesday, April 1st.

First of Long Island Price Performance

Shares of NASDAQ:FLIC opened at $10.62 on Friday. First of Long Island has a one year low of $9.30 and a one year high of $15.03. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $240.38 million, a price-to-earnings ratio of 14.16 and a beta of 0.69. The company’s fifty day moving average price is $12.44 and its 200-day moving average price is $12.79.

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 analysts’ consensus estimates of $0.24 by ($0.10). First of Long Island had a net margin of 9.52% and a return on equity of 4.74%.

First of Long Island Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Monday, March 24th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 7.91%. The ex-dividend date of this dividend was Monday, March 24th. First of Long Island’s payout ratio is presently 112.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FLIC. GAMMA Investing LLC lifted its stake in shares of First of Long Island by 2,711.4% in the 1st quarter. GAMMA Investing LLC now owns 2,952 shares of the bank’s stock valued at $36,000 after acquiring an additional 2,847 shares during the last quarter. Wellington Management Group LLP lifted its position in 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 last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of First of Long Island during the fourth quarter valued at approximately $126,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of First of Long Island during the fourth quarter valued at approximately $136,000. Finally, Millennium Management LLC grew its holdings in shares of First of Long Island by 79.9% in the fourth quarter. Millennium Management LLC now owns 154,915 shares of the bank’s stock worth $1,809,000 after purchasing an additional 68,807 shares during the last quarter. 48.33% of the stock is owned by 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.