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

Stock analysts at StockNews.com initiated 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.

First of Long Island Stock Up 1.9 %

Shares of FLIC stock opened at $12.39 on Thursday. First of Long Island has a 12 month low of $9.30 and a 12 month high of $15.03. The firm has a market cap of $280.45 million, a PE ratio of 16.52 and a beta of 0.75. The stock has a 50 day moving average of $12.57 and a 200-day moving average of $12.94. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.15.

First of Long Island (NASDAQ:FLIC) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.10). First of Long Island had a return on equity of 4.74% and a net margin of 9.52%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FLIC. Wellington Management Group LLP acquired a new position in First of Long Island during the third quarter worth $5,407,000. ABC Arbitrage SA bought a new stake in shares of First of Long Island during the fourth quarter worth $4,545,000. Segall Bryant & Hamill LLC bought a new stake in shares of First of Long Island during the fourth quarter worth $1,856,000. Credit Industriel ET Commercial bought a new stake in shares of First of Long Island during the fourth quarter worth $1,180,000. Finally, Millennium Management LLC grew its holdings in shares of First of Long Island by 79.9% during the fourth quarter. Millennium Management LLC now owns 154,915 shares of the bank’s stock worth $1,809,000 after purchasing an additional 68,807 shares during the last quarter. 48.33% of the stock is currently owned by institutional investors and hedge funds.

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.