StockNews.com Starts Coverage on First of Long Island (NASDAQ:FLIC)

On December 30, 2024, analysts from StockNews.com announced the initiation of coverage on the shares of First of Long Island (NASDAQ:FLIC). In their research report targeted towards clients and investors, they assigned a "hold" rating to the stock of this banking institution.

Overview of First of Long Island's Stock Performance

As of Monday, the shares of FLIC opened at $11.87. The company maintains a market capitalization of approximately $267.60 million, with a price-to-earnings (P/E) ratio of 13.49, and a beta of 0.71. Over the past year, First of Long Island’s stock has seen a low of $9.30 and a high of $15.03. Additionally, the company has a debt-to-equity ratio of 1.15, alongside a quick ratio and current ratio, both standing at 0.98. The stock’s moving averages are also noteworthy, with a 50-day moving average price of $13.49 and a 200-day moving average price of $12.50.

Changes in Institutional Holdings for First of Long Island

Recent activities among institutional investors indicate a shift in their holdings of First of Long Island. For instance, Renaissance Technologies LLC increased its stake by 1.7% in the second quarter, now owning 606,650 shares worth around $6.08 million after acquiring an additional 10,400 shares. Similarly, State Street Corp raised its ownership by 3.4% in the third quarter, currently holding 505,758 shares valued at $6.51 million following the purchase of 16,456 shares. Geode Capital Management LLC also augmented its position by 3.0% in the same quarter by procuring 14,736 additional shares, leading to total holdings of 500,881 shares valued at $6.45 million. AQR Capital Management LLC significantly boosted its stake by 272.6% in the second quarter, now owning 438,812 shares worth approximately $4.40 million after an additional purchase of 321,032 shares. Lastly, Wellington Management Group LLP entered the scene by acquiring a new position in First of Long Island during the third quarter valued at $5.41 million. In total, institutional investors now control about 48.33% of the company’s stock.

About First of Long Island Corporation

The First of Long Island Corporation acts as the holding company for The First National Bank of Long Island, which offers a variety of financial services catering to small and medium-sized businesses, professionals, consumers, municipalities, and various organizations. Their offerings include business and small business checking services, personal checking accounts, negotiable withdrawal orders, escrow services, personal and non-personal money market accounts, savings accounts, time deposits, and individual retirement accounts.

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