First Midwest Bancorp, Inc. (FMBI) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) from a sell rating to a hold rating in a report released on Tuesday morning.
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 brokerages have also commented on FMBI. BidaskClub lowered shares of First Midwest Bancorp from a hold rating to a sell rating in a research note on Friday, June 23rd. Jefferies Group LLC restated a buy rating and set a $27.00 target price on shares of First Midwest Bancorp in a research report on Sunday, June 11th. ValuEngine lowered shares of First Midwest Bancorp from a buy rating to a hold rating in a research report on Friday, September 1st. FIG Partners lowered shares of First Midwest Bancorp from an outperform rating to a market perform rating and lowered their target price for the stock from $26.00 to $25.00 in a research report on Thursday, July 27th. Finally, Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a neutral rating to an overweight rating and raised their target price for the stock from $25.00 to $26.00 in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $26.17.
First Midwest Bancorp (FMBI) traded down 0.04% during mid-day trading on Tuesday, reaching $23.42. 678,730 shares of the company’s stock traded hands. The stock has a market capitalization of $2.41 billion, a PE ratio of 20.09 and a beta of 1.15. First Midwest Bancorp has a 52 week low of $18.75 and a 52 week high of $25.83. The stock’s 50 day moving average is $21.47 and its 200-day moving average is $22.74.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). The company had revenue of $162.53 million during the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, equities analysts anticipate that First Midwest Bancorp will post $1.31 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, September 28th. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 34.19%.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the sale, the director now owns 24,237 shares of the company’s stock, valued at $529,578.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.69% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Highbridge Capital Management LLC raised its stake in shares of First Midwest Bancorp by 231.2% during the 1st quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock worth $5,931,000 after buying an additional 174,825 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of First Midwest Bancorp by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of First Midwest Bancorp during the 1st quarter worth $7,621,000. Cipher Capital LP raised its stake in shares of First Midwest Bancorp by 153.6% during the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after buying an additional 50,358 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of First Midwest Bancorp by 39.5% during the 1st quarter. First Trust Advisors LP now owns 264,748 shares of the financial services provider’s stock worth $6,269,000 after buying an additional 74,958 shares during the last quarter. 80.94% of the stock is owned by institutional investors and hedge funds.
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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