Zacks Investment Research downgraded shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) from a hold rating to a sell rating in a research note published on Thursday 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. “
FMBI has been the subject of several other research reports. Jefferies Group LLC reiterated a buy rating and issued a $27.00 price objective on shares of First Midwest Bancorp in a research report on Friday, August 11th. BidaskClub cut First Midwest Bancorp from a sell rating to a strong sell rating in a research report on Thursday, July 27th. ValuEngine upgraded First Midwest Bancorp from a hold rating to a buy rating in a research report on Tuesday, September 26th. Piper Jaffray Companies upgraded First Midwest Bancorp from a neutral rating to an overweight rating and increased their price objective for the stock from $25.00 to $26.00 in a research report on Monday, July 24th. Finally, FIG Partners cut First Midwest Bancorp from an outperform rating to a market perform rating and cut their price objective for the stock from $26.00 to $25.00 in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $26.17.
Shares of First Midwest Bancorp (NASDAQ FMBI) opened at 23.27 on Thursday. The stock’s 50 day moving average is $22.01 and its 200-day moving average is $22.66. First Midwest Bancorp has a 52 week low of $18.75 and a 52 week high of $25.83. The firm has a market cap of $2.39 billion, a PE ratio of 19.96 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last released 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). First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. The company had revenue of $162.53 million for the quarter, compared to analysts’ expectations of $164.02 million. During the same quarter last year, the company earned $0.32 EPS. On average, equities analysts predict that First Midwest Bancorp will post $1.30 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a 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 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 transaction, the director now owns 24,237 shares in the company, valued at $529,578.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.69% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Pacad Investment Ltd. grew its holdings in First Midwest Bancorp by 41.9% in the second 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 last quarter. Riverhead Capital Management LLC grew its holdings in First Midwest Bancorp by 40.9% in the second 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 last quarter. Victory Capital Management Inc. grew its holdings in First Midwest Bancorp by 13.6% in the first 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 last quarter. Ameritas Investment Partners Inc. acquired a new stake in First Midwest Bancorp in the first quarter valued at $177,000. Finally, Envestnet Asset Management Inc. grew its holdings in First Midwest Bancorp by 1.6% in the first 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 last quarter. 80.94% of the stock is currently 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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