First Midwest Bancorp Inc. (FMBI) Rating Lowered to Sell at Zacks Investment Research
First Midwest Bancorp Inc. (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “FIRST MIDWEST BANCORP, INC. is a multi-bank holding company engaged in commercial banking, trust, investment management, insurance, mortgage origination and servicing activities. “
Several other equities analysts have also commented on the stock. Jefferies Group restated a “buy” rating and set a $21.00 price target on shares of First Midwest Bancorp in a research report on Thursday, July 7th. Macquarie upgraded shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th. Finally, Sterne Agee CRT began coverage on shares of First Midwest Bancorp in a research report on Sunday, June 12th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $19.36.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up 0.67% during trading on Monday, reaching $19.62. 241,139 shares of the company’s stock were exchanged. The firm has a market capitalization of $1.60 billion, a PE ratio of 18.85 and a beta of 1.30. The company’s 50-day moving average price is $19.38 and its 200 day moving average price is $18.48. First Midwest Bancorp has a 52 week low of $14.56 and a 52 week high of $19.90.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a net margin of 16.58% and a return on equity of 7.72%. During the same quarter last year, the company earned $0.29 earnings per share. Analysts predict that First Midwest Bancorp will post $1.19 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, September 28th. First Midwest Bancorp’s dividend payout ratio is presently 34.29%.
Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in First Midwest Bancorp by 77.3% in the second quarter. Victory Capital Management Inc. now owns 5,833 shares of the financial services provider’s stock worth $102,000 after buying an additional 2,544 shares in the last quarter. BlackRock Inc. raised its stake in First Midwest Bancorp by 62.1% in the first quarter. BlackRock Inc. now owns 7,946 shares of the financial services provider’s stock worth $143,000 after buying an additional 3,044 shares in the last quarter. IFP Advisors Inc raised its stake in First Midwest Bancorp by 0.3% in the first quarter. IFP Advisors Inc now owns 8,907 shares of the financial services provider’s stock worth $161,000 after buying an additional 23 shares in the last quarter. PineBridge Investments L.P. raised its stake in First Midwest Bancorp by 7.8% in the second quarter. PineBridge Investments L.P. now owns 10,314 shares of the financial services provider’s stock worth $181,000 after buying an additional 743 shares in the last quarter. Finally, Neuberger Berman Group LLC purchased a new stake in First Midwest Bancorp during the second quarter worth approximately $186,000. 82.14% of the stock is owned by institutional investors.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.
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