Cerity Partners LLC Lowers Position in The First of Long Island Co. (NASDAQ:FLIC)

Cerity Partners LLC trimmed its stake in shares of The First of Long Island Co. (NASDAQ:FLIC) by 20.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 13,483 shares of the bank’s stock after selling 3,500 shares during the period. Cerity Partners LLC’s holdings in First of Long Island were worth $159,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Wells Fargo & Company MN grew its holdings in First of Long Island by 113.8% during the 4th quarter. Wells Fargo & Company MN now owns 23,322 shares of the bank’s stock valued at $272,000 after buying an additional 12,415 shares in the last quarter. Geode Capital Management LLC lifted its position in 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 worth $5,898,000 after buying an additional 3,978 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of First of Long Island in the fourth quarter valued at $169,000. Wellington Management Group LLP grew its holdings in First of Long Island by 50.5% during the 4th 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. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of First of Long Island by 16.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 275,786 shares of the bank’s stock valued at $3,221,000 after buying an additional 38,714 shares during the last quarter. 48.33% of the stock is currently owned by institutional investors.

First of Long Island Stock Performance

Shares of FLIC stock opened at $11.46 on Friday. The First of Long Island Co. has a 12-month low of $9.30 and a 12-month high of $15.03. The business’s fifty day simple moving average is $11.92 and its 200-day simple moving average is $12.67. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.15. The company has a market cap of $259.40 million, a PE ratio of 15.28 and a beta of 0.69.

First of Long Island (NASDAQ:FLIC) last issued 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 company also recently declared a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Monday, March 24th were given a dividend of $0.21 per share. The ex-dividend date was Monday, March 24th. This represents a $0.84 dividend on an annualized basis and a yield of 7.33%. First of Long Island’s dividend payout ratio is currently 112.00%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. StockNews.com started coverage on First of Long Island in a research note on Monday, April 21st. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods raised First of Long Island from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $16.04 to $16.56 in a research report on Tuesday, April 1st.

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.