BidaskClub upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.
A number of other research firms have also recently issued reports on FMBI. Zacks Investment Research upgraded First Midwest Bancorp from a hold rating to a buy rating and set a $29.00 price target on the stock in a report on Friday, January 12th. Jefferies Group restated a buy rating and set a $28.00 price target on shares of First Midwest Bancorp in a report on Friday, December 8th. Piper Jaffray Companies restated a buy rating and set a $29.00 price target on shares of First Midwest Bancorp in a report on Tuesday, January 9th. Sandler O’Neill set a $26.00 price target on First Midwest Bancorp and gave the stock a hold rating in a report on Wednesday, January 3rd. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $23.00 price target on shares of First Midwest Bancorp in a report on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $26.67.
First Midwest Bancorp (FMBI) traded down $0.36 during trading hours on Tuesday, reaching $25.78. 398,100 shares of the company’s stock were exchanged, compared to its average volume of 609,320. The firm has a market cap of $2,650.00, a P/E ratio of 21.66, a PEG ratio of 2.16 and a beta of 1.17. First Midwest Bancorp has a twelve month low of $20.50 and a twelve month high of $26.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $163.24 million for the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same period in the prior year, the business earned $0.32 EPS. research analysts expect that First Midwest Bancorp will post 1.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, December 21st. First Midwest Bancorp’s dividend payout ratio is currently 33.61%.
In related news, Director Robert P. Omeara sold 50,000 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $24.56, for a total value of $1,228,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.69% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of FMBI. Zions Bancorporation bought a new position in First Midwest Bancorp during the 3rd quarter valued at $112,000. Quantbot Technologies LP bought a new position in First Midwest Bancorp during the 3rd quarter valued at $118,000. Riverhead Capital Management LLC lifted its stake in First Midwest Bancorp by 40.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 1,800 shares in the last quarter. Victory Capital Management Inc. lifted its stake 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 valued at $183,000 after acquiring an additional 1,179 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in First Midwest Bancorp during the 3rd quarter valued at $201,000. Institutional investors and hedge funds own 81.33% of the company’s stock.
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About First Midwest Bancorp
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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