The First of Long Island Co. (NASDAQ:FLIC) Sees Large Increase in Short Interest

The First of Long Island Co. (NASDAQ:FLIC) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totalling 100,000 shares, an increase of 5.9% from the September 30th total of 94,400 shares. Based on an average trading volume of 119,200 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.5% of the company’s stock are sold short.

Insider Activity at First of Long Island

In other news, Director John Abbott Root Cooper sold 166,633 shares of the 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 transaction, the director now owns 3,453 shares in the company, valued at $43,853.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.33% of the company’s stock.

Institutional Investors Weigh In On First of Long Island

Several hedge funds have recently made changes to their positions in FLIC. Vanguard Group Inc. lifted its position in shares of First of Long Island by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,144,181 shares of the bank’s stock worth $12,689,000 after acquiring an additional 8,109 shares during the period. ProShare Advisors LLC lifted its position in First of Long Island by 8.2% in the first quarter. ProShare Advisors LLC now owns 687,077 shares of the bank’s stock worth $7,620,000 after purchasing an additional 51,872 shares during the period. Renaissance Technologies LLC boosted its stake in First of Long Island by 1.7% during the second quarter. Renaissance Technologies LLC now owns 606,650 shares of the bank’s stock worth $6,079,000 after buying an additional 10,400 shares in the last quarter. AQR Capital Management LLC increased its holdings in 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 valued at $4,397,000 after buying an additional 321,032 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of First of Long Island by 17.3% in the 2nd quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock valued at $3,522,000 after buying an additional 51,792 shares in the last quarter. Institutional investors own 48.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of First of Long Island from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com began coverage on First of Long Island in a research note on Sunday, October 27th. They issued a “hold” rating on the stock.

First of Long Island Trading Down 1.1 %

Shares of First of Long Island stock opened at $12.58 on Friday. The company has a market cap of $283.49 million, a price-to-earnings ratio of 14.29 and a beta of 0.69. First of Long Island has a 1 year low of $9.30 and a 1 year high of $13.95. The company’s fifty day simple moving average is $12.86 and its 200-day simple moving average is $11.48. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Friday, October 11th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, October 11th. This represents a $0.84 annualized dividend and a dividend yield of 6.68%. First of Long Island’s payout ratio is 95.45%.

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.