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

Stock analysts at StockNews.com assumed coverage on shares of First of Long Island (NASDAQ:FLIC - Get Free Report) in a research report issued to clients and investors on Monday. The brokerage set a "hold" rating on the bank's stock.

First of Long Island Stock Performance

Shares of First of Long Island stock traded up $0.11 during trading hours on Monday, reaching $12.92. 53,304 shares of the stock traded hands, compared to its average volume of 89,966. The company has a 50 day moving average price of $12.47 and a 200 day moving average price of $12.94. First of Long Island has a one year low of $9.30 and a one year high of $15.03. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $291.29 million, a price-to-earnings ratio of 17.23 and a beta of 0.75.

First of Long Island (NASDAQ:FLIC - Get Free Report) last released 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%.

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Hedge Funds Weigh In On First of Long Island

A number of hedge funds have recently made changes to their positions in the business. Sherbrooke Park Advisers LLC purchased a new position in First of Long Island in the 4th quarter worth approximately $136,000. Millennium Management LLC increased its position in First of Long Island by 79.9% during the fourth quarter. Millennium Management LLC now owns 154,915 shares of the bank's stock valued at $1,809,000 after acquiring an additional 68,807 shares during the last quarter. Focus Partners Wealth grew its holdings in First of Long Island by 17.1% during the 4th quarter. Focus Partners Wealth now owns 34,288 shares of the bank's stock valued at $400,000 after purchasing an additional 5,008 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of First of Long Island by 411.0% in the fourth quarter. Deutsche Bank AG now owns 23,491 shares of the bank's stock worth $274,000 after buying an additional 18,894 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of First of Long Island during the fourth quarter worth $260,000. Institutional investors own 48.33% of the company's stock.

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.