First of Long Island (NASDAQ:FLIC) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of First of Long Island (NASDAQ:FLIC) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

First of Long Island Stock Performance

Shares of NASDAQ:FLIC opened at $13.17 on Friday. The company’s 50 day moving average price is $10.42 and its two-hundred day moving average price is $10.84. First of Long Island has a 12-month low of $9.30 and a 12-month high of $14.26. The firm has a market cap of $296.59 million, a PE ratio of 12.19 and a beta of 0.69. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.37.

First of Long Island (NASDAQ:FLIC) last issued its earnings results on Thursday, July 25th. The bank reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. First of Long Island had a net margin of 12.58% and a return on equity of 5.96%. The firm had revenue of $45.41 million for the quarter, compared to analyst estimates of $20.90 million. During the same quarter last year, the business posted $0.31 earnings per share. Equities research analysts predict that First of Long Island will post 0.8 earnings per share for the current year.

First of Long Island Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 6.38%. The ex-dividend date of this dividend was Wednesday, July 10th. First of Long Island’s payout ratio is currently 77.78%.

Hedge Funds Weigh In On First of Long Island

Several large investors have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in shares of First of Long Island by 21.7% during the fourth quarter. SG Americas Securities LLC now owns 11,602 shares of the bank’s stock valued at $154,000 after acquiring an additional 2,068 shares during the last quarter. Webster Bank N. A. bought a new position in First of Long Island during the first quarter worth $28,000. Strs Ohio lifted its holdings in First of Long Island by 6.7% in the fourth quarter. Strs Ohio now owns 43,300 shares of the bank’s stock valued at $573,000 after buying an additional 2,700 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in First of Long Island by 32.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 14,546 shares of the bank’s stock valued at $161,000 after buying an additional 3,570 shares during the period. Finally, EntryPoint Capital LLC bought a new stake in First of Long Island during the first quarter valued at $42,000. 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.