First of Long Island (NASDAQ:FLIC) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of First of Long Island (NASDAQ:FLIC) from a sell rating to a hold rating in a report released on Saturday morning.

First of Long Island Price Performance

First of Long Island stock opened at $13.34 on Friday. First of Long Island has a 12-month low of $9.30 and a 12-month high of $14.26. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.37. The firm has a 50-day moving average price of $10.42 and a 200-day moving average price of $10.87. The firm has a market capitalization of $300.42 million, a PE ratio of 12.35 and a beta of 0.69.

First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $45.41 million for the quarter, compared to the consensus estimate of $20.90 million. First of Long Island had a net margin of 12.58% and a return on equity of 5.96%. During the same quarter last year, the firm posted $0.31 EPS. As a group, equities research analysts forecast that First of Long Island will post 0.8 EPS for the current year.

First of Long Island Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 6.30%. The ex-dividend date was Wednesday, July 10th. First of Long Island’s dividend payout ratio (DPR) is 77.78%.

Institutional Investors Weigh In On First of Long Island

Several hedge funds have recently modified their holdings of FLIC. Webster Bank N. A. bought a new position in shares of First of Long Island in the 1st quarter worth $28,000. EntryPoint Capital LLC purchased a new position in First of Long Island in the first quarter worth $42,000. CWM LLC increased its position in shares of First of Long Island by 292.0% during the second quarter. CWM LLC now owns 7,812 shares of the bank’s stock worth $78,000 after purchasing an additional 5,819 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of First of Long Island during the 1st quarter valued at $105,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of First of Long Island in the 1st quarter worth $132,000. Hedge funds and other 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.