Zacks Investment Research upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a strong sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.
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 research firms have also recently issued reports on FMBI. ValuEngine cut shares of First Midwest Bancorp from a hold rating to a sell rating in a report on Thursday, April 2nd. Janney Montgomery Scott restated a buy rating and issued a $13.50 target price on shares of First Midwest Bancorp in a research report on Sunday, June 21st. SunTrust Banks lowered their price target on First Midwest Bancorp from $14.00 to $13.00 and set a hold rating on the stock in a research report on Tuesday, May 19th. BidaskClub cut First Midwest Bancorp from a sell rating to a strong sell rating in a research report on Friday, June 26th. Finally, Piper Sandler lowered their price target on First Midwest Bancorp from $17.00 to $16.00 and set an overweight rating on the stock in a research report on Monday, May 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $17.50.
First Midwest Bancorp stock opened at $12.46 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.18. The firm has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $16.40. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 6.76 and a beta of 1.30. First Midwest Bancorp has a 52-week low of $10.31 and a 52-week high of $23.64.
First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Thursday, April 30th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.11). The firm had revenue of $182.94 million for the quarter, compared to analyst estimates of $182.33 million. First Midwest Bancorp had a net margin of 19.76% and a return on equity of 8.10%. Research analysts expect that First Midwest Bancorp will post 1.1 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Friday, June 26th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Thursday, June 25th. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 28.28%.
In related news, EVP R Douglas Rose acquired 1,400 shares of First Midwest Bancorp stock in a transaction dated Wednesday, June 17th. The stock was acquired at an average cost of $25.00 per share, with a total value of $35,000.00. Following the purchase, the executive vice president now directly owns 1,400 shares in the company, valued at approximately $35,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Phupinder Gill acquired 4,000 shares of First Midwest Bancorp stock in a transaction dated Wednesday, June 17th. The shares were bought at an average cost of $25.00 per share, with a total value of $100,000.00. Following the completion of the purchase, the director now owns 4,000 shares in the company, valued at $100,000. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 12,400 shares of company stock valued at $268,560. Corporate insiders own 1.10% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in shares of First Midwest Bancorp by 29.4% in the fourth quarter. Victory Capital Management Inc. now owns 29,939 shares of the financial services provider’s stock worth $690,000 after buying an additional 6,810 shares during the period. Bank of Montreal Can boosted its position in shares of First Midwest Bancorp by 8.2% in the fourth quarter. Bank of Montreal Can now owns 41,519 shares of the financial services provider’s stock worth $958,000 after buying an additional 3,136 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of First Midwest Bancorp by 62.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 49,429 shares of the financial services provider’s stock worth $1,140,000 after buying an additional 19,055 shares during the period. Great West Life Assurance Co. Can acquired a new stake in shares of First Midwest Bancorp in the fourth quarter worth $3,160,000. Finally, ProShare Advisors LLC boosted its position in shares of First Midwest Bancorp by 17.0% in the fourth quarter. ProShare Advisors LLC now owns 17,468 shares of the financial services provider’s stock worth $403,000 after buying an additional 2,534 shares during the period. 80.70% of the stock is owned by institutional investors and hedge funds.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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