First of Long Island (NASDAQ:FLIC) Coverage Initiated at StockNews.com

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

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

First of Long Island Stock Up 0.6 %

Shares of NASDAQ:FLIC opened at $14.10 on Tuesday. The company has a market capitalization of $317.81 million, a PE ratio of 15.93 and a beta of 0.68. First of Long Island has a 52 week low of $9.30 and a 52 week high of $14.67. The company’s fifty day moving average is $13.04 and its 200-day moving average is $11.70. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Friday, October 11th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 5.96%. The ex-dividend date was Friday, October 11th. First of Long Island’s dividend payout ratio (DPR) is currently 95.46%.

Insider Buying and Selling

In other First of Long Island news, Director John Abbott Root Cooper sold 166,633 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $12.70, for a total value of $2,116,239.10. Following the completion of the sale, the director now owns 3,453 shares of the company’s stock, valued at approximately $43,853.10. This represents a 97.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.33% of the stock is owned by insiders.

Hedge Funds Weigh In On First of Long Island

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in First of Long Island by 3.8% during the 2nd quarter. Rhumbline Advisers now owns 33,419 shares of the bank’s stock worth $335,000 after buying an additional 1,231 shares during the period. FMR LLC increased its holdings 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 acquiring an additional 1,950 shares in the last quarter. Sei Investments Co. increased its holdings in shares of First of Long Island by 13.0% in the second quarter. Sei Investments Co. now owns 21,669 shares of the bank’s stock worth $217,000 after acquiring an additional 2,500 shares in the last quarter. Empowered Funds LLC raised its position in shares of First of Long Island by 5.4% during the third quarter. Empowered Funds LLC now owns 58,048 shares of the bank’s stock worth $747,000 after purchasing an additional 2,948 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of First of Long Island by 32.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 14,546 shares of the bank’s stock valued at $161,000 after purchasing an additional 3,570 shares in the last quarter. Institutional investors and hedge funds own 48.33% of the company’s stock.

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.