Anchor Capital Advisors LLC Raises Stake in The First of Long Island Co. (NASDAQ:FLIC)

Anchor Capital Advisors LLC increased its stake in The First of Long Island Co. (NASDAQ:FLIC) by 15.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 155,024 shares of the bank’s stock after buying an additional 20,569 shares during the quarter. Anchor Capital Advisors LLC owned 0.69% of First of Long Island worth $1,719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. rhino investment partners Inc bought a new stake in First of Long Island in the 4th quarter valued at about $3,522,000. Empowered Funds LLC raised its stake in First of Long Island by 8.1% in the 1st quarter. Empowered Funds LLC now owns 51,140 shares of the bank’s stock valued at $567,000 after acquiring an additional 3,850 shares during the period. Trexquant Investment LP raised its stake in First of Long Island by 25.0% in the 4th quarter. Trexquant Investment LP now owns 46,329 shares of the bank’s stock valued at $613,000 after acquiring an additional 9,262 shares during the period. Strs Ohio raised its stake in First of Long Island by 6.7% in the 4th quarter. Strs Ohio now owns 43,300 shares of the bank’s stock valued at $573,000 after acquiring an additional 2,700 shares during the period. Finally, Bailard Inc. bought a new stake in First of Long Island in the 4th quarter valued at about $359,000. 48.33% of the stock is owned by hedge funds and other institutional investors.

First of Long Island Price Performance

Shares of FLIC traded up $0.37 during midday trading on Monday, hitting $11.34. 92,565 shares of the company traded hands, compared to its average volume of 148,171. The stock has a 50-day moving average of $10.07 and a 200-day moving average of $10.90. The First of Long Island Co. has a one year low of $9.30 and a one year high of $14.26. The firm has a market cap of $255.38 million, a P/E ratio of 10.48 and a beta of 0.69. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.99 and a quick ratio of 0.99.

First of Long Island (NASDAQ:FLIC) last issued its earnings results on Friday, April 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The firm had revenue of $44.27 million during the quarter, compared to analysts’ expectations of $22.50 million. First of Long Island had a return on equity of 6.54% and a net margin of 14.14%. During the same period in the prior year, the company earned $0.29 EPS. As a group, sell-side analysts predict that The First of Long Island Co. will post 0.8 EPS for the current fiscal year.

First of Long Island Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, July 10th. This represents a $0.84 annualized dividend and a dividend yield of 7.41%. First of Long Island’s payout ratio is presently 77.78%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut First of Long Island from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th.

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.