Zacks Investment Research lowered shares of First Midwest Bancorp (NASDAQ:FMBI) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
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 also recently commented on FMBI. BidaskClub raised First Midwest Bancorp from a sell rating to a hold rating in a research report on Wednesday, September 12th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $30.00 price target on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Piper Jaffray Companies boosted their price target on First Midwest Bancorp from $30.00 to $31.00 and gave the company an overweight rating in a research note on Friday, July 27th. Finally, Sandler O’Neill reiterated a hold rating and issued a $28.50 price target on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $29.50.
Shares of First Midwest Bancorp stock traded down $0.10 on Wednesday, hitting $26.52. The stock had a trading volume of 12,849 shares, compared to its average volume of 512,831. First Midwest Bancorp has a twelve month low of $22.03 and a twelve month high of $27.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 2.28 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, July 24th. The financial services provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. First Midwest Bancorp had a return on equity of 7.83% and a net margin of 15.12%. The company had revenue of $165.39 million for the quarter, compared to the consensus estimate of $161.80 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts predict that First Midwest Bancorp will post 1.67 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Friday, September 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 32.59%.
In related news, Director Thomas M. Prame sold 2,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $27.07, for a total value of $60,907.50. Following the completion of the sale, the director now directly owns 38,524 shares in the company, valued at $1,042,844.68. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.47% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FMBI. BlackRock Inc. lifted its stake in First Midwest Bancorp by 8.4% during the second quarter. BlackRock Inc. now owns 14,432,580 shares of the financial services provider’s stock worth $367,598,000 after purchasing an additional 1,122,474 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in shares of First Midwest Bancorp by 458,482.6% during the second quarter. Glenmede Trust Co. NA now owns 1,027,225 shares of the financial services provider’s stock worth $26,164,000 after buying an additional 1,027,001 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of First Midwest Bancorp by 54.9% during the second quarter. Bank of New York Mellon Corp now owns 2,062,714 shares of the financial services provider’s stock worth $52,537,000 after buying an additional 730,815 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of First Midwest Bancorp during the second quarter worth $9,064,000. Finally, Segall Bryant & Hamill LLC increased its holdings in shares of First Midwest Bancorp by 2,229.2% during the second quarter. Segall Bryant & Hamill LLC now owns 366,545 shares of the financial services provider’s stock worth $9,336,000 after buying an additional 350,808 shares in the last quarter. Hedge funds and other institutional investors own 82.45% of the company’s stock.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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