Acadian Asset Management LLC sells 6,567 shares of The First of Long Island Co. (NASDAQ:FLIC)

Acadian Asset Management LLC trimmed its holdings in shares of The First of Long Island Co. (NASDAQ:FLIC – Free Report) by 4.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 155,579 shares of the bank’s stock after selling 6,567 shares during the quarter. Acadian Asset Management LLC owned approximately 0.69% of First of Long Island worth $1,557,000 at the end of the most recent reporting period.

Other large investors have recently modified their positions in the company. Webster Bank NA acquired a new stake in shares of First of Long Island in the first quarter valued at approximately $28,000. EntryPoint Capital LLC purchased a new stake in First of Long Island in the first quarter valued at $42,000. CWM LLC raised its holdings in First of Long Island by 292.0% during 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 last quarter. Hillsdale Investment Management Inc. acquired a new stake in First of Long Island in the first quarter valued at $105,000. Finally, Janney Montgomery Scott LLC acquired a new stake in First of Long Island in the first quarter valued at $132,000. Institutional investors and hedge funds own 48.33% of the company’s shares.

Insider buying and selling

In related news, Director John Abbott Root Cooper sold 166,633 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $12.70, for a total value of $2,116,239.10. Following the transaction, the director now owns 3,453 shares in the company, valued at $43,853.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. 6.33% of shares are owned by company insiders.

Long Island First Stock up 1.2%

FLIC opened at $12.69 on Friday. First of Long Island Co. it has a fifty-two week low of $9.30 and a fifty-two week high of $13.95. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.97, and a current ratio of 0.97. The company has a market cap of $285.91 million, a P/E ratio of 11.75 and a beta of 0.69. The stock has a fifty day moving average of $12.20 and a 200 day moving average of $10.98.

First of Long Island (NASDAQ:FLIC – Get Free Report ) last posted its earnings results on Thursday, July 25th. The bank reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. First of Long Island had a return on equity of 5.93% and a net margin of 12.58%. The company had revenue of $45.41 million during the quarter, compared to the consensus estimate of $20.90 million. In the same quarter last year, the company earned $0.31 per share.

First Long Island Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Wednesday, July 10th were given a $0.21 dividend. This represents a dividend of $0.84 on an annualized basis and a dividend yield of 6.62%. The ex-dividend date was Wednesday, July 10. First, Long Island’s payout ratio is currently 77.78%.

The Wall Street analyst weighs in

Several equities research analysts have issued reports on the company. StockNews.com raised First of Long Island from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. Keefe, Bruyette & Woods lifted their price target on First of Long Island from $11.00 to $13.00 and gave the company a “market perform” rating in a report on Monday, July 29th.

Check out our latest research report on FLIC

The first Long Island company profile

(Free Report)

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island, which 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 withdrawal order, attorney interest, escrow service, rent security, personal and non-personal money market, savings, term deposit and individual retirement accounts.

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Want to see what other hedge funds FLIC owns? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for The First of Long Island Co. (NASDAQ:FLIC – Free Report).

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