Zacks Investment Research upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a buy rating in a research report report published on Friday morning. Zacks Investment Research currently has $29.00 target price on the financial services provider’s stock.
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 topic of several other research reports. ValuEngine raised First Midwest Bancorp from a hold rating to a buy rating in a report on Tuesday, September 26th. Piper Jaffray Companies reissued a buy rating and set a $29.00 price objective on shares of First Midwest Bancorp in a report on Tuesday. Sandler O’Neill set a $26.00 price objective on First Midwest Bancorp and gave the company a hold rating in a report on Wednesday, January 3rd. Jefferies Group reissued a buy rating and set a $28.00 price objective on shares of First Midwest Bancorp in a report on Friday, December 8th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $23.00 price objective on shares of First Midwest Bancorp in a report on Thursday, October 26th. 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 an average price target of $26.67.
Shares of First Midwest Bancorp (NASDAQ FMBI) traded up $0.40 during mid-day trading on Friday, hitting $26.14. The company’s stock had a trading volume of 852,930 shares, compared to its average volume of 684,655. The firm has a market cap of $2,690.00, a P/E ratio of 21.97, a PEG ratio of 2.13 and a beta of 1.17. First Midwest Bancorp has a 52-week low of $20.50 and a 52-week high of $26.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. The company had revenue of $163.24 million for the quarter, compared to the consensus estimate of $164.81 million. During the same quarter last year, the business posted $0.32 EPS. analysts expect that First Midwest Bancorp will post 1.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, December 21st. First Midwest Bancorp’s dividend payout ratio (DPR) is 33.61%.
In other First Midwest Bancorp news, Director Robert P. Omeara sold 50,000 shares of First Midwest Bancorp stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.69% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC lifted its holdings in First Midwest Bancorp by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 13,459 shares of the financial services provider’s stock worth $314,000 after buying an additional 36 shares during the period. Neuberger Berman Group LLC lifted its holdings in First Midwest Bancorp by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 10,303 shares of the financial services provider’s stock worth $240,000 after buying an additional 77 shares during the period. Victory Capital Management Inc. lifted its holdings in First Midwest Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock worth $183,000 after buying an additional 1,179 shares during the period. Pacad Investment Ltd. lifted its holdings in First Midwest Bancorp by 41.9% during the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after buying an additional 1,300 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in First Midwest Bancorp by 1.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 95,572 shares of the financial services provider’s stock worth $2,229,000 after buying an additional 1,630 shares during the period. 81.33% of the stock is currently owned by hedge funds and other institutional investors.
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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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