JPMorgan Cuts Stake in The First of Long Island Co. (NASDAQ:FLIC)

JPMorgan Chase & Co. has recently reduced its holdings in The First of Long Island Co. (NASDAQ:FLIC) by 27.3% during the third quarter, according to their latest filing with the SEC. After selling 19,991 shares, JPMorgan now holds 53,314 shares of the bank's stock, which were valued at approximately $686,000 at the close of the most recent reporting period.

In addition to JPMorgan's actions, several other institutional investors have also adjusted their stakes in The First of Long Island. FMR LLC increased its shareholding by 124.0% in the third quarter, now owning 3,522 shares valued at $45,000 following the acquisition of an additional 1,950 shares. SG Americas Securities LLC made a new investment in The First of Long Island, estimated at around $118,000 during this same quarter. Furthermore, CWM LLC raised its holdings by 87.8%, bringing its total to 14,668 shares worth $189,000 after buying an additional 6,856 shares. Marshall Wace LLP also acquired a new stake valued at around $209,000 in the second quarter, while Quest Partners LLC made another new investment in the third quarter amounting to $212,000. Collectively, hedge funds and other institutional investors now own 48.33% of the company’s stock.

Stock Performance Overview

The First of Long Island's stock opened at $11.90 on Monday. The company's shares have a 50-day moving average of $12.84 and a two-hundred-day moving average of $12.77. Over the past year, the stock has reached a low of $9.30 and a high of $15.03. Currently, the company boasts a market capitalization of $268.23 million, a price-to-earnings (PE) ratio of 13.52, and a beta of 0.74, indicating lower volatility compared to the market.

Recent Dividend Announcement

On January 9th, the company announced a quarterly dividend payment of $0.21 per share, which was distributed to investors on record as of December 31st. The ex-dividend date was also on December 31st. This equates to an annual dividend of $0.84, yielding approximately 7.06%, while the dividend payout ratio stands at a high 95.46%.

Email Alerts and Analysts’ Insights

In separate news, StockNews.com has initiated coverage on The First of Long Island Co., assigning a “hold” rating to the stock.

About The First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island, offering various financial services aimed at small and medium-sized businesses, professionals, municipalities, consumers, and other organizations. Their services include business checking, personal checking, negotiable order of withdrawal accounts, interest on lawyer, escrow services, personal and non-personal money market accounts, savings accounts, time deposits, and individual retirement accounts.

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