ProShare Advisors LLC Has $5.83 Million Holdings in The First of Long Island Co. (NASDAQ:FLIC)

ProShare Advisors LLC cut its position in shares of The First of Long Island Co. (NASDAQ:FLIC) by 15.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 581,867 shares of the bank’s stock after selling 105,210 shares during the period. ProShare Advisors LLC owned about 2.58% of First of Long Island worth $5,830,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Webster Bank N. A. bought a new stake in First of Long Island in the 1st quarter valued at $28,000. EntryPoint Capital LLC bought a new stake in First of Long Island in the first quarter valued at about $42,000. CWM LLC raised its position in First of Long Island by 292.0% in 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 in the last quarter. Hillsdale Investment Management Inc. bought a new position in First of Long Island during the first quarter worth about $105,000. Finally, Janney Montgomery Scott LLC bought a new position in First of Long Island during the first quarter worth about $132,000. 48.33% of the stock is currently owned by institutional investors and hedge funds.

First of Long Island Trading Down 1.6 %

Shares of FLIC stock opened at $12.61 on Thursday. The company has a market capitalization of $283.93 million, a P/E ratio of 11.68 and a beta of 0.69. The First of Long Island Co. has a 12-month low of $9.30 and a 12-month high of $13.95. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.14. The firm has a 50-day moving average price of $12.52 and a 200 day moving average price of $11.09.

First of Long Island (NASDAQ:FLIC) last posted its earnings results on Thursday, July 25th. The bank reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $45.41 million during the quarter, compared to analysts’ expectations of $20.90 million. First of Long Island had a net margin of 12.58% and a return on equity of 5.93%. During the same quarter in the previous year, the company posted $0.31 earnings per share.

First of Long Island Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 6.66%. The ex-dividend date of this dividend was Wednesday, July 10th. First of Long Island’s payout ratio is presently 77.78%.

Insider Activity

In related news, Director John Abbott Root Cooper sold 166,633 shares of the company’s stock in a transaction dated 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 approximately $43,853.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 6.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on First of Long Island from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. StockNews.com assumed coverage on First of Long Island in a research report on Wednesday. They issued a “hold” rating on the stock.

First of Long Island 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.