Short Interest in The First of Long Island Co. (NASDAQ:FLIC) Rises By 42.8%

The First of Long Island Co. (NASDAQ:FLIC - Get Free Report) saw a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 135,200 shares, an increase of 42.8% from the February 28th total of 94,700 shares. Based on an average trading volume of 90,600 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.6% of the company's shares are short sold.

First of Long Island Trading Down 9.5 %

Shares of FLIC stock traded down $1.17 during trading hours on Thursday, reaching $11.12. The company had a trading volume of 66,034 shares, compared to its average volume of 108,371. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick 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 of $12.72 and a 200 day moving average of $12.91. The firm has a market cap of $251.70 million, a price-to-earnings ratio of 14.83 and a beta of 0.75.

First of Long Island (NASDAQ:FLIC - Get Free Report) last issued its earnings results on Thursday, January 30th. The bank reported $0.14 earnings per share (EPS) 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%.

First of Long Island Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Monday, March 24th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 7.55%. The ex-dividend date is Monday, March 24th. First of Long Island's payout ratio is presently 112.00%.

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Hedge Funds Weigh In On First of Long Island

A number of hedge funds and other institutional investors have recently made changes to their positions in FLIC. Wellington Management Group LLP increased its position in shares of First of Long Island by 50.5% in the 4th quarter. Wellington Management Group LLP now owns 632,365 shares of the bank's stock valued at $7,386,000 after buying an additional 212,216 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of First of Long Island during the fourth quarter worth about $126,000. Sherbrooke Park Advisers LLC bought a new position in shares of First of Long Island during the 4th quarter valued at about $136,000. Millennium Management LLC grew its position in shares of First of Long Island by 79.9% in the 4th 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 period. Finally, Focus Partners Wealth increased its stake 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 worth $400,000 after purchasing an additional 5,008 shares in the last quarter. 48.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. StockNews.com assumed coverage on First of Long Island in a report on Friday, March 28th. They issued a "hold" rating on the stock. Keefe, Bruyette & Woods upgraded shares of First of Long Island from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $16.04 to $16.56 in a research report on Tuesday.

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.