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

Equities researchers at StockNews.com assumed coverage on shares of First of Long Island (NASDAQ:FLIC) in a note issued to investors on Saturday. The firm set a “hold” rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods boosted 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 research report on Monday, July 29th.

First of Long Island Stock Performance

Shares of FLIC stock opened at $13.42 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.14. The company has a market cap of $302.16 million, a PE ratio of 12.43 and a beta of 0.69. The company’s fifty day simple moving average is $12.75 and its 200-day simple moving average is $11.36. 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 released its quarterly earnings data on Thursday, July 25th. The bank reported $0.21 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 company had revenue of $45.41 million for the quarter, compared to analyst estimates of $20.90 million. During the same period last year, the company posted $0.31 earnings per share.

Insider Buying and Selling at First of Long Island

In other news, Director John Abbott Root Cooper sold 166,633 shares of the firm’s stock in a transaction that occurred 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 owns 3,453 shares of the company’s stock, valued at approximately $43,853.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First of Long Island

Several large investors have recently modified their holdings of FLIC. Webster Bank N. A. acquired a new stake in First of Long Island during the first quarter valued at approximately $28,000. EntryPoint Capital LLC acquired a new stake in shares of First of Long Island during the 1st quarter valued at approximately $42,000. CWM LLC lifted its stake in First of Long Island by 292.0% during the second quarter. CWM LLC now owns 7,812 shares of the bank’s stock worth $78,000 after purchasing an additional 5,819 shares during the last quarter. Evoke Wealth LLC bought a new position in First of Long Island during the second quarter worth $103,000. Finally, Hillsdale Investment Management Inc. acquired a new position in First of Long Island in the first quarter worth $105,000. 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.