The First of Long Island Co. (NASDAQ:FLIC) Sees Significant Growth in Short Interest

The First of Long Island Co. (NASDAQ:FLIC) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 169,600 shares, an increase of 25.4% from the March 15th total of 135,200 shares. Based on an average trading volume of 87,600 shares, the days-to-cover ratio is currently 1.9 days. Approximately 0.8% of the company’s stock are sold short.

First of Long Island Stock Down 0.7 %

First of Long Island stock opened at $10.87 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50-day moving average is $12.10 and its 200-day moving average is $12.71. The firm has a market capitalization of $246.04 million, a PE ratio of 14.49 and a beta of 0.69. First of Long Island has a fifty-two week low of $9.30 and a fifty-two week high of $15.03.

First of Long Island (NASDAQ:FLIC) last released its quarterly earnings data on Thursday, January 30th. The bank reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.10). First of Long Island had a net margin of 9.52% and a return on equity of 4.74%.

First of Long Island Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Monday, March 24th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, March 24th. This represents a $0.84 annualized dividend and a dividend yield of 7.73%. First of Long Island’s dividend payout ratio is currently 112.00%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Keefe, Bruyette & Woods raised First of Long Island from a “market perform” rating to an “outperform” rating and increased their price target for the company from $16.04 to $16.56 in a research report on Tuesday, April 1st. StockNews.com initiated coverage on First of Long Island in a report on Monday. They issued a “hold” rating for the company.

Hedge Funds Weigh In On First of Long Island

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in First of Long Island by 2,711.4% in the 1st quarter. GAMMA Investing LLC now owns 2,952 shares of the bank’s stock valued at $36,000 after acquiring an additional 2,847 shares during the period. FMR LLC grew its position in shares of First of Long Island by 124.0% in the third quarter. FMR LLC now owns 3,522 shares of the bank’s stock valued at $45,000 after purchasing an additional 1,950 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in shares of First of Long Island during the fourth quarter worth approximately $126,000. Wealth Enhancement Advisory Services LLC acquired a new stake in First of Long Island during the 4th quarter worth approximately $126,000. Finally, Algert Global LLC bought a new stake in First of Long Island in the 4th quarter valued at $134,000. 48.33% of the stock is owned by institutional investors.

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.