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 Friday. The firm set a “hold” rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods increased their price target 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.

First of Long Island Trading Up 2.8 %

Shares of FLIC opened at $13.19 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.97 and a current ratio of 0.97. First of Long Island has a 52-week low of $9.30 and a 52-week high of $13.95. The firm has a market cap of $296.99 million, a price-to-earnings ratio of 12.21 and a beta of 0.69. The business’s fifty day moving average is $12.57 and its 200-day moving average is $11.26.

First of Long Island (NASDAQ:FLIC) last issued its earnings results on Thursday, July 25th. The bank reported $0.21 EPS for the quarter, topping 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 firm had revenue of $45.41 million during the quarter, compared to the consensus estimate of $20.90 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share.

Insider Buying and Selling

In other First of Long Island news, Director John Abbott Root Cooper sold 166,633 shares of the company’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 value of $2,116,239.10. Following the completion of the transaction, the director now directly owns 3,453 shares in the company, valued at approximately $43,853.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.33% of the stock is owned by corporate insiders.

Institutional Trading of First of Long Island

Institutional investors have recently modified their holdings of the business. Webster Bank N. A. acquired a new position in First of Long Island during the 1st quarter worth about $28,000. EntryPoint Capital LLC acquired a new position in shares of First of Long Island in the first quarter worth approximately $42,000. CWM LLC boosted its holdings in First of Long Island by 292.0% in the second quarter. CWM LLC now owns 7,812 shares of the bank’s stock valued at $78,000 after acquiring an additional 5,819 shares during the last quarter. Evoke Wealth LLC acquired a new stake in First of Long Island during the 2nd quarter valued at approximately $103,000. Finally, Hillsdale Investment Management Inc. bought a new position in First of Long Island during the 1st quarter worth approximately $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.