First of Long Island (NASDAQ:FLIC) Receives New Coverage from Analysts at StockNews.com

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

Separately, Keefe, Bruyette & Woods upped their price target on shares of First of Long Island from $11.00 to $13.00 and gave the company a market perform rating in a research note on Monday, July 29th.

First of Long Island Stock Up 0.6 %

FLIC opened at $12.61 on Wednesday. The company has a market capitalization of $283.93 million, a PE ratio of 11.68 and a beta of 0.69. The firm has a 50-day simple moving average of $12.54 and a two-hundred day simple moving average of $11.11. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.14. First of Long Island has a 52 week low of $9.30 and a 52 week high of $13.95.

First of Long Island (NASDAQ:FLIC) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $45.41 million during the quarter, compared to analyst estimates of $20.90 million. First of Long Island had a return on equity of 5.93% and a net margin of 12.58%. During the same period in the prior year, the company earned $0.31 earnings per share.

Insiders Place Their Bets

In other news, Director John Abbott Root Cooper sold 166,633 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $12.70, for a total transaction of $2,116,239.10. Following the completion of the sale, the director now directly owns 3,453 shares of the company’s stock, valued at $43,853.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of First of Long Island by 272.6% in the 2nd quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock worth $4,397,000 after acquiring an additional 321,032 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of First of Long Island in the 2nd quarter worth approximately $230,000. Marshall Wace LLP bought a new position in shares of First of Long Island during the 2nd quarter worth approximately $209,000. Evoke Wealth LLC purchased a new stake in First of Long Island during the second quarter valued at approximately $103,000. Finally, Sei Investments Co. boosted its stake in First of Long Island by 13.0% in the second quarter. Sei Investments Co. now owns 21,669 shares of the bank’s stock valued at $217,000 after acquiring an additional 2,500 shares in the last quarter. 48.33% of the stock is currently owned by institutional investors.

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.