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

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

First of Long Island Trading Up 1.5 %

FLIC stock opened at $11.78 on Wednesday. The company has a market capitalization of $265.59 million, a PE ratio of 15.71 and a beta of 0.75. First of Long Island has a one year low of $9.30 and a one year high of $15.03. The company’s 50 day moving average price is $12.54 and its two-hundred day moving average price is $12.96. 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 posted its quarterly earnings results on Thursday, January 30th. The bank reported $0.14 EPS 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Tuesday, December 31st were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend was Tuesday, December 31st. First of Long Island’s payout ratio is 112.00%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FLIC. Empowered Funds LLC increased its stake in shares of First of Long Island by 5.4% in the third quarter. Empowered Funds LLC now owns 58,048 shares of the bank’s stock worth $747,000 after buying an additional 2,948 shares during the period. Quest Partners LLC purchased a new position in shares of First of Long Island in the third quarter worth $212,000. FMR LLC increased its stake in shares of First of Long Island by 124.0% in the third quarter. FMR LLC now owns 3,522 shares of the bank’s stock worth $45,000 after buying an additional 1,950 shares during the period. Stifel Financial Corp increased its position in First of Long Island by 8.9% during the 3rd quarter. Stifel Financial Corp now owns 57,933 shares of the bank’s stock valued at $746,000 after purchasing an additional 4,716 shares during the period. Finally, State Street Corp increased its position in First of Long Island by 3.4% during the 3rd 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. 48.33% of the stock is 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.