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

StockNews.com began coverage on shares of First of Long Island (NASDAQ:FLIC) in a report issued on Wednesday. The brokerage set a “hold” rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised their target price on First of Long Island from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Monday, July 29th.

First of Long Island Stock Down 0.6 %

Shares of FLIC opened at $13.88 on Wednesday. The firm has a market cap of $312.86 million, a P/E ratio of 15.77 and a beta of 0.68. The stock’s 50 day moving average is $13.14 and its two-hundred day moving average is $11.83. First of Long Island has a 12 month low of $9.30 and a 12 month high of $14.67. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.15.

Insider Activity

In related news, Director John Abbott Root Cooper sold 166,633 shares of First of Long Island stock in a transaction that occurred on Thursday, September 5th. The stock was 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. This trade represents a 97.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.67% of the company’s stock.

Hedge Funds Weigh In On First of Long Island

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in First of Long Island by 73.1% during the third quarter. Barclays PLC now owns 57,758 shares of the bank’s stock worth $743,000 after buying an additional 24,399 shares in the last quarter. Geode Capital Management LLC lifted its position in First of Long Island by 3.0% during the third quarter. Geode Capital Management LLC now owns 500,881 shares of the bank’s stock worth $6,447,000 after buying an additional 14,736 shares in the last quarter. Wellington Management Group LLP purchased a new position in First of Long Island during the third quarter worth approximately $5,407,000. State Street Corp lifted its position in First of Long Island by 3.4% during the third quarter. State Street Corp now owns 505,758 shares of the bank’s stock worth $6,509,000 after buying an additional 16,456 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in First of Long Island by 8.9% during the third quarter. Stifel Financial Corp now owns 57,933 shares of the bank’s stock worth $746,000 after buying an additional 4,716 shares in the last quarter. Hedge funds and other institutional investors own 48.33% of the company’s stock.

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.