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

StockNews.com initiated coverage on shares of First of Long Island (NASDAQ:FLIC) in a report published on Thursday. The brokerage issued a hold rating on the bank’s stock.

First of Long Island Stock Up 0.8 %

Shares of First of Long Island stock opened at $11.91 on Thursday. First of Long Island has a 1-year low of $9.30 and a 1-year high of $15.03. The company has a market capitalization of $268.50 million, a PE ratio of 13.53 and a beta of 0.74. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick ratio of 0.98. The business has a 50-day moving average of $12.93 and a 200-day moving average of $12.73.

First of Long Island Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.84 annualized dividend and a yield of 7.05%. First of Long Island’s dividend payout ratio is presently 95.45%.

Hedge Funds Weigh In On First of Long Island

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC increased its stake in shares of First of Long Island by 124.0% in the third quarter. FMR LLC now owns 3,522 shares of the bank’s stock worth $45,000 after buying an additional 1,950 shares during the last quarter. SG Americas Securities LLC acquired a new position in First of Long Island during the 3rd quarter worth $118,000. Janney Montgomery Scott LLC bought a new stake in shares of First of Long Island in the 4th quarter worth about $126,000. CWM LLC raised its stake in shares of First of Long Island by 87.8% in the 3rd quarter. CWM LLC now owns 14,668 shares of the bank’s stock valued at $189,000 after purchasing an additional 6,856 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of First of Long Island during the second quarter worth about $209,000. 48.33% of the stock is currently owned by hedge funds and other institutional investors.

About First of Long Island

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.