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 released on Wednesday. The brokerage set a “hold” rating on the bank’s stock.

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

First of Long Island Stock Down 0.6 %

Shares of FLIC stock opened at $13.88 on Wednesday. The stock’s 50-day simple moving average is $13.14 and its 200-day simple moving average is $11.83. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $312.86 million, a PE ratio of 15.77 and a beta of 0.68. First of Long Island has a fifty-two week low of $9.30 and a fifty-two week high of $14.67.

Insider Activity

In related news, Director John Abbott Root Cooper sold 166,633 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 3,453 shares of the company’s stock, valued at $43,853.10. This trade represents a 97.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.67% of the company’s stock.

Institutional Trading of First of Long Island

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in First of Long Island by 124.0% during the third quarter. FMR LLC now owns 3,522 shares of the bank’s stock worth $45,000 after acquiring an additional 1,950 shares during the period. EntryPoint Capital LLC acquired a new stake in First of Long Island in the first quarter valued at approximately $42,000. CWM LLC grew its holdings in First of Long Island by 292.0% in the second quarter. CWM LLC now owns 7,812 shares of the bank’s stock valued at $78,000 after purchasing an additional 5,819 shares during the period. SG Americas Securities LLC acquired a new stake in First of Long Island in the third quarter valued at approximately $118,000. Finally, Evoke Wealth LLC acquired a new stake in First of Long Island in the second quarter valued at approximately $103,000. 48.33% of the stock is owned by institutional investors and hedge funds.

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.