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

StockNews.com initiated coverage on shares of First of Long Island (NASDAQ:FLIC – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the bank’s stock.

First of Long Island Trading Down 3.0 %

NASDAQ:FLIC traded down $0.45 during mid-day trading on Thursday, hitting $14.38. 253,268 shares of the stock traded hands, compared to its average volume of 114,059. The stock has a market capitalization of $323.69 million, a price-to-earnings ratio of 7.01 and a beta of 0.55. First of Long Island has a 52 week low of $13.84 and a 52 week high of $20.85. The firm’s 50 day moving average is $17.29 and its two-hundred day moving average is $17.85. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.13.

First of Long Island Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Thursday, March 16th will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, March 15th. This represents a $0.84 annualized dividend and a yield of 5.84%. First of Long Island’s payout ratio is 40.98%.

Hedge Funds Weigh In On First of Long Island

Hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new position in First of Long Island during the 2nd quarter valued at about $29,000. Citigroup Inc. boosted its position in First of Long Island by 96.3% in the 4th quarter. Citigroup Inc. now owns 2,770 shares of the bank’s stock valued at $50,000 after buying an additional 1,359 shares during the period. Quadrant Capital Group LLC boosted its position in First of Long Island by 1,262.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,269 shares of the bank’s stock valued at $56,000 after buying an additional 3,029 shares during the period. Tower Research Capital LLC TRC boosted its position in First of Long Island by 249.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,262 shares of the bank’s stock valued at $73,000 after buying an additional 3,041 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new stake in First of Long Island in the 3rd quarter valued at about $91,000. 57.03% of the stock is currently owned by institutional investors.

About First of Long Island

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The First of Long Island Corp. is a holding company, through which its subsidiaries, engages in the provision of financial services. It offers personal banking, business banking and lending services to individual, professional, corporate, institutional, and government customers. The company was founded on February 7, 1984 and is headquartered in Glen Head, NY.