Short Interest in The First of Long Island Co. (NASDAQ:FLIC) Expands By 25.4%

The First of Long Island Co. (NASDAQ:FLIC) was the target of a large increase in short interest in 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. Approximately 0.8% of the company’s shares are sold short. Based on an average daily trading volume, of 87,600 shares, the short-interest ratio is currently 1.9 days.

Analyst Ratings Changes

FLIC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upgraded First of Long Island from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $16.04 to $16.56 in a report on Tuesday, April 1st. StockNews.com began coverage on First of Long Island in a research report on Monday. They issued a “hold” rating for the company.

Institutional Investors Weigh In On First of Long Island

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its position in shares of First of Long Island by 15.1% in the first quarter. Janney Montgomery Scott LLC now owns 12,455 shares of the bank’s stock valued at $154,000 after acquiring an additional 1,634 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 2,847 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of First of Long Island by 50.5% in the fourth quarter. Wellington Management Group LLP now owns 632,365 shares of the bank’s stock valued at $7,386,000 after buying an additional 212,216 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in First of Long Island during the fourth quarter worth $126,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in First of Long Island during the fourth quarter worth $136,000. 48.33% of the stock is currently owned by institutional investors and hedge funds.

First of Long Island Stock Down 0.7 %

FLIC traded down $0.08 during trading on Monday, hitting $10.87. The company had a trading volume of 68,857 shares, compared to its average volume of 107,143. The firm’s 50-day moving average price is $12.16 and its 200 day moving average price is $12.72. The company has a market capitalization of $246.04 million, a PE ratio of 14.49 and a beta of 0.69. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.15. First of Long Island has a one year low of $9.30 and a one year high of $15.03.

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

First of Long Island Announces Dividend

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

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.