First of Long Island (NASDAQ:FLIC) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of First of Long Island (NASDAQ:FLIC) from a hold rating to a sell rating in a research note issued to investors on Friday.

First of Long Island Trading Down 0.4 %

NASDAQ FLIC opened at $11.98 on Friday. The business has a 50 day simple moving average of $10.21 and a 200 day simple moving average of $10.85. First of Long Island has a one year low of $9.30 and a one year high of $14.26. The stock has a market capitalization of $269.79 million, a P/E ratio of 11.09 and a beta of 0.69. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.99 and a quick ratio of 0.99.

First of Long Island (NASDAQ:FLIC) last released its earnings results on Friday, April 26th. The bank reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.04). First of Long Island had a return on equity of 6.54% and a net margin of 14.14%. The business had revenue of $44.27 million for the quarter, compared to analyst estimates of $22.50 million. During the same period in the prior year, the business earned $0.29 EPS. Research analysts expect that First of Long Island will post 0.8 earnings per share for the current year.

First of Long Island Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Wednesday, July 10th were paid a dividend of $0.21 per share. The ex-dividend date was Wednesday, July 10th. This represents a $0.84 annualized dividend and a yield of 7.01%. First of Long Island’s dividend payout ratio is currently 77.78%.

Institutional Investors Weigh In On First of Long Island

Several large investors have recently added to or reduced their stakes in the business. Webster Bank N. A. acquired a new stake in First of Long Island in the first quarter valued at approximately $28,000. EntryPoint Capital LLC acquired a new stake in First of Long Island in the first quarter valued at approximately $42,000. CWM LLC grew its stake 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 period. Hillsdale Investment Management Inc. acquired a new stake in First of Long Island in the first quarter valued at approximately $105,000. Finally, Janney Montgomery Scott LLC acquired a new stake in First of Long Island in the first quarter valued at approximately $132,000. Institutional investors and hedge funds 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.