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

StockNews.com started coverage on shares of First of Long Island (NASDAQ:FLIC - Free Report) in a report released on Saturday morning. The firm issued a hold rating on the bank's stock.

Separately, Keefe, Bruyette & Woods upgraded shares of First of Long Island from a "market perform" rating to an "outperform" rating and upped their target price for the company from $16.04 to $16.56 in a report on Tuesday, April 1st.

First of Long Island Stock Up 6.3 %

NASDAQ FLIC traded up $0.68 during trading on Friday, reaching $11.48. 131,355 shares of the company's stock were exchanged, compared to its average volume of 108,349. The stock has a market cap of $259.85 million, a P/E ratio of 15.31 and a beta of 0.69. 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 has a 1 year low of $9.30 and a 1 year high of $15.03. The company has a 50 day moving average price of $12.55 and a two-hundred day moving average price of $12.81.

First of Long Island (NASDAQ:FLIC - Get Free Report) last announced its earnings results on Thursday, January 30th. The bank reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.10). First of Long Island had a net margin of 9.52% and a return on equity of 4.74%.

First of Long Island Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Monday, March 24th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 7.32%. The ex-dividend date was Monday, March 24th. First of Long Island's dividend payout ratio is presently 112.00%.

Hedge Funds Weigh In On First of Long Island

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of First of Long Island by 2,711.4% in the 1st quarter. GAMMA Investing LLC now owns 2,952 shares of the bank's stock worth $36,000 after buying an additional 2,847 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of 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 in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of First of Long Island during the 4th quarter worth about $126,000. Sherbrooke Park Advisers LLC acquired a new stake in shares of First of Long Island in the fourth quarter worth $136,000. Finally, Millennium Management LLC grew its position in shares of First of Long Island by 79.9% in the fourth quarter. Millennium Management LLC now owns 154,915 shares of the bank's stock valued at $1,809,000 after purchasing an additional 68,807 shares during the last quarter. 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.