First of Long Island (NASDAQ:FLIC) Coverage Initiated at StockNews.com

Research analysts at StockNews.com started coverage on shares of First of Long Island (NASDAQ:FLIC) in a research report issued to clients and investors on Thursday. The brokerage set a “hold” rating on the bank’s stock.

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

First of Long Island Stock Performance

NASDAQ:FLIC opened at $12.72 on Thursday. The stock has a market capitalization of $286.40 million, a P/E ratio of 11.78 and a beta of 0.69. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.14. First of Long Island has a 1 year low of $9.30 and a 1 year high of $13.95. The firm has a 50 day moving average of $12.56 and a 200-day moving average of $11.14.

First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. First of Long Island had a return on equity of 5.93% and a net margin of 12.58%. The firm had revenue of $45.41 million during the quarter, compared to the consensus estimate of $20.90 million. During the same quarter in the previous year, the company posted $0.31 EPS.

Insider Buying and Selling at First of Long Island

In other news, Director John Abbott Root Cooper sold 166,633 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $12.70, for a total transaction of $2,116,239.10. Following the transaction, the director now 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 is available at this hyperlink. Corporate insiders own 6.33% of the company’s stock.

Institutional Trading of First of Long Island

Several institutional investors and hedge funds have recently made changes to their positions in FLIC. AQR Capital Management LLC grew its stake in shares of First of Long Island by 272.6% during the second quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock worth $4,397,000 after purchasing an additional 321,032 shares during the period. Squarepoint Ops LLC acquired a new position in shares of First of Long Island during the 2nd quarter worth about $230,000. Marshall Wace LLP bought a new stake in shares of First of Long Island in the 2nd quarter valued at about $209,000. Evoke Wealth LLC bought a new stake in shares of First of Long Island in the 2nd quarter valued at about $103,000. Finally, Sei Investments Co. raised its position in shares of First of Long Island by 13.0% in the 2nd 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 during the period. Institutional investors own 48.33% of the company’s stock.

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.