State of Tennessee Department of Treasury Makes New Investment in The First of Long Island Co. (NASDAQ:FLIC)

State of Tennessee Department of Treasury purchased a new stake in The First of Long Island Co. (NASDAQ:FLIC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 36,257 shares of the bank's stock, valued at approximately $423,000. State of Tennessee Department of Treasury owned approximately 0.16% of First of Long Island at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Barclays PLC grew its position in First of Long Island by 73.1% during the 3rd quarter. Barclays PLC now owns 57,758 shares of the bank's stock worth $743,000 after purchasing an additional 24,399 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of First of Long Island during the fourth quarter worth approximately $169,000. Proficio Capital Partners LLC bought a new stake in shares of First of Long Island during the fourth quarter worth approximately $165,000. Empowered Funds LLC lifted its holdings in First of Long Island by 5.0% during the fourth quarter. Empowered Funds LLC now owns 60,924 shares of the bank's stock worth $712,000 after acquiring an additional 2,876 shares in the last quarter. Finally, ABC Arbitrage SA bought a new position in shares of First of Long Island during the fourth quarter worth about $4,545,000. Institutional investors and hedge funds own 48.33% of the company's stock.

First of Long Island Price Performance

FLIC stock traded up $0.08 during mid-day trading on Wednesday, reaching $12.01. 58,147 shares of the company traded hands, compared to its average volume of 105,110. The company has a market capitalization of $271.89 million, a P/E ratio of 16.02 and a beta of 0.85. 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 has a fifty day moving average price of $11.72 and a 200-day moving average price of $12.59. The First of Long Island Co. has a 52-week low of $9.30 and a 52-week high of $15.03.

First of Long Island (NASDAQ:FLIC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The bank reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The business had revenue of $21.54 million for the quarter, compared to analysts' expectations of $21.89 million. 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 company also recently announced 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 yield of 6.99%. First of Long Island's dividend payout ratio (DPR) is presently 116.67%.

Analyst Upgrades and Downgrades

FLIC has been the subject of a number of research analyst reports. StockNews.com began coverage on First of Long Island in a report on Wednesday. They set a "hold" rating for the company. Keefe, Bruyette & Woods upgraded First of Long Island from a "market perform" rating to an "outperform" rating and upped their target price for the company from $16.04 to $16.56 in a research report on Tuesday, April 1st.

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.