Short Interest in The First of Long Island Co. (NASDAQ:FLIC) Declines By 6.6%

The First of Long Island Co. (NASDAQ:FLIC) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 132,500 shares, a decrease of 6.6% from the August 31st total of 141,900 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average trading volume of 151,800 shares, the days-to-cover ratio is presently 0.9 days.

First of Long Island Price Performance

Shares of FLIC opened at $12.61 on Monday. First of Long Island has a twelve month low of $9.30 and a twelve month high of $13.95. The company has a 50 day moving average of $12.54 and a two-hundred day moving average of $11.11. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.14. The company has a market cap of $283.93 million, a price-to-earnings ratio of 11.68 and a beta of 0.69.

First of Long Island (NASDAQ:FLIC) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. The business had revenue of $45.41 million during the quarter, compared to the consensus estimate of $20.90 million. First of Long Island had a net margin of 12.58% and a return on equity of 5.93%. During the same period in the previous year, the firm posted $0.31 earnings per share.

Insider Activity

In other news, Director John Abbott Root Cooper sold 166,633 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $12.70, for a total transaction of $2,116,239.10. Following the completion of the transaction, the director now directly owns 3,453 shares in the company, valued at approximately $43,853.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FLIC. AQR Capital Management LLC increased its holdings in First of Long Island by 272.6% in the second quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock valued at $4,397,000 after buying an additional 321,032 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of First of Long Island by 8.2% during the first quarter. ProShare Advisors LLC now owns 687,077 shares of the bank’s stock worth $7,620,000 after purchasing an additional 51,872 shares in the last quarter. American Century Companies Inc. grew its stake in First of Long Island by 17.3% during the 2nd quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock valued at $3,522,000 after acquiring an additional 51,792 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in First of Long Island during the 2nd quarter valued at about $230,000. Finally, Marshall Wace LLP acquired a new position in First of Long Island in the 2nd quarter valued at about $209,000. 48.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FLIC. StockNews.com began coverage on First of Long Island in a research report on Wednesday, September 25th. They set a “hold” rating for the company. Keefe, Bruyette & Woods lifted their target price on First of Long Island from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Monday, July 29th.

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.