First Midwest Bancorp, Inc. (FMBI) Receives Buy Rating from Piper Jaffray Companies
Piper Jaffray Companies reiterated their buy rating on shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) in a research note released on Wednesday morning. The firm currently has a $26.00 price target on the financial services provider’s stock.
FMBI has been the subject of several other research reports. BidaskClub downgraded shares of First Midwest Bancorp from a sell rating to a strong sell rating in a report on Thursday, July 27th. Jefferies Group LLC reaffirmed a buy rating and set a $27.00 target price on shares of First Midwest Bancorp in a report on Friday, August 11th. Zacks Investment Research raised shares of First Midwest Bancorp from a sell rating to a hold rating in a report on Friday, September 1st. ValuEngine raised shares of First Midwest Bancorp from a hold rating to a buy rating in a report on Tuesday, September 26th. Finally, FIG Partners downgraded shares of First Midwest Bancorp from an outperform rating to a market perform rating and reduced their target price for the stock from $26.00 to $25.00 in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $26.17.
First Midwest Bancorp (NASDAQ FMBI) traded up 1.30% during midday trading on Wednesday, reaching $23.30. 567,993 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $21.88 and a 200 day moving average price of $22.66. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 19.98 and a beta of 1.16. First Midwest Bancorp has a 52 week low of $18.75 and a 52 week high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $162.53 million for the quarter, compared to the consensus estimate of $164.02 million. First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. During the same period in the previous year, the firm posted $0.32 EPS. Analysts anticipate that First Midwest Bancorp will post $1.30 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, September 28th. First Midwest Bancorp’s payout ratio is 34.19%.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were 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 approximately $529,578.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.69% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of FMBI. Pacad Investment Ltd. boosted its holdings in First Midwest Bancorp by 41.9% in the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,300 shares during the period. Riverhead Capital Management LLC boosted its holdings in First Midwest Bancorp by 40.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,800 shares during the period. Victory Capital Management Inc. boosted its holdings in First Midwest Bancorp by 13.6% in the 1st quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 801 shares during the period. Ameritas Investment Partners Inc. bought a new stake in First Midwest Bancorp in the 1st quarter valued at about $177,000. Finally, Envestnet Asset Management Inc. boosted its holdings in First Midwest Bancorp by 1.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 136 shares during the period. 80.94% of the stock is owned by hedge funds and other 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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