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

Equities researchers at StockNews.com initiated coverage on shares of First of Long Island (NASDAQ:FLIC) in a research note issued on Saturday. The brokerage set a “hold” rating on the bank’s stock.

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

First of Long Island Stock Down 1.1 %

NASDAQ FLIC opened at $11.00 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.15. First of Long Island has a 12 month low of $9.30 and a 12 month high of $15.03. The stock’s 50 day moving average is $12.69 and its 200 day moving average is $12.88. The stock has a market cap of $248.99 million, a PE ratio of 14.67 and a beta of 0.69.

First of Long Island (NASDAQ:FLIC) last issued its 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 return on equity of 4.74% and a net margin of 9.52%.

Institutional Investors Weigh In On First of Long Island

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new stake in First of Long Island in the third quarter worth $5,407,000. ABC Arbitrage SA bought a new stake in shares of First of Long Island in the 4th quarter worth about $4,545,000. Segall Bryant & Hamill LLC purchased a new position in shares of First of Long Island during the 4th quarter worth about $1,856,000. Credit Industriel ET Commercial bought a new position in First of Long Island during the 4th quarter valued at about $1,180,000. Finally, Millennium Management LLC raised its position in First of Long Island by 79.9% in the 4th 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 period. 48.33% of the stock is currently owned by hedge funds and other institutional investors.

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.