The First of Long Island (NASDAQ:FLIC) Shares Gap Down to $21.68

The First of Long Island Co. (NASDAQ:FLIC)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $21.68, but opened at $21.21. The First of Long Island shares last traded at $21.06, with a volume of 308 shares traded.

Several research firms have weighed in on FLIC. Zacks Investment Research upgraded The First of Long Island from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Friday, April 2nd. Boenning Scattergood upgraded The First of Long Island from a “neutral” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Wednesday, December 16th.

The stock has a market cap of $507.29 million, a PE ratio of 12.90 and a beta of 0.53. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day moving average price of $20.07 and a 200 day moving average price of $17.80.

The First of Long Island (NASDAQ:FLIC) last announced its earnings results on Thursday, January 28th. The bank reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. The First of Long Island had a return on equity of 10.78% and a net margin of 26.67%. The firm had revenue of $28.16 million during the quarter, compared to analysts’ expectations of $28.68 million. As a group, equities analysts anticipate that The First of Long Island Co. will post 1.73 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 19th. Shareholders of record on Wednesday, March 10th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Tuesday, March 9th. The First of Long Island’s dividend payout ratio (DPR) is presently 43.43%.

A number of hedge funds and other institutional investors have recently modified their holdings of FLIC. FMR LLC raised its position in The First of Long Island by 292,187.5% during the 1st quarter. FMR LLC now owns 46,766 shares of the bank’s stock valued at $1,025,000 after purchasing an additional 46,750 shares in the last quarter. California Public Employees Retirement System raised its position in The First of Long Island by 2.4% during the 3rd quarter. California Public Employees Retirement System now owns 51,726 shares of the bank’s stock valued at $766,000 after purchasing an additional 1,200 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in The First of Long Island by 161.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 155,346 shares of the bank’s stock valued at $2,301,000 after purchasing an additional 95,874 shares in the last quarter. AQR Capital Management LLC bought a new stake in The First of Long Island during the 3rd quarter valued at $149,000. Finally, Highlander Capital Management LLC raised its position in The First of Long Island by 58.2% during the 3rd quarter. Highlander Capital Management LLC now owns 8,700 shares of the bank’s stock valued at $129,000 after purchasing an additional 3,200 shares in the last quarter. 56.77% of the stock is owned by institutional investors and hedge funds.

The First of Long Island Company Profile (NASDAQ:FLIC)

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. Its deposit products include business and small business checking, personal checking products, savings accounts, negotiable order of withdrawal accounts, interest on lawyer accounts, escrow service accounts, rent security accounts, time deposits, holiday club accounts, and individual retirement accounts, as well as money market accounts.

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