First of Long Island (NASDAQ:FLIC) Rating Lowered to Sell at StockNews.com

First of Long Island (NASDAQ:FLIC) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

First of Long Island Price Performance

FLIC opened at $11.98 on Friday. The company has a fifty day moving average price of $10.21 and a two-hundred day moving average price of $10.86. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.99 and a current ratio of 0.99. First of Long Island has a 52 week low of $9.30 and a 52 week high of $14.26. The firm has a market capitalization of $269.79 million, a PE ratio of 11.09 and a beta of 0.69.

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 analysts’ consensus estimates 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 firm posted $0.29 EPS. As a group, analysts anticipate that First of Long Island will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On First of Long Island

Institutional investors and hedge funds have recently made changes to their positions in the company. Webster Bank N. A. acquired a new position in shares of First of Long Island in the 1st quarter valued at $28,000. EntryPoint Capital LLC acquired a new position in shares of First of Long Island in the 1st quarter valued at $42,000. CWM LLC grew its holdings in shares of First of Long Island by 292.0% in the 2nd quarter. CWM LLC now owns 7,812 shares of the bank’s stock valued at $78,000 after buying an additional 5,819 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of First of Long Island in the 1st quarter valued at $105,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of First of Long Island in the 1st quarter valued at $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.