Shares of First Midwest Bancorp Inc (NASDAQ:FMBI) have received an average recommendation of “Hold” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $27.13.
A number of analysts have recently issued reports on FMBI shares. Raymond James lowered shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. BidaskClub raised shares of Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. Zacks Investment Research raised shares of General Moly from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, FIG Partners reissued an “outperform” rating on shares of Southern First Bancshares in a research report on Thursday, May 16th.
In other First Midwest Bancorp news, Director Arsdell Stephen C. Van acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were purchased at an average price of $20.11 per share, with a total value of $50,275.00. Following the completion of the transaction, the director now owns 16,500 shares in the company, valued at $331,815. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 1.10% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Boston Partners grew its holdings in First Midwest Bancorp by 13.6% during the first quarter. Boston Partners now owns 1,009,815 shares of the financial services provider’s stock valued at $20,661,000 after purchasing an additional 120,807 shares during the last quarter. Legal & General Group Plc grew its holdings in First Midwest Bancorp by 4.9% during the fourth quarter. Legal & General Group Plc now owns 251,600 shares of the financial services provider’s stock valued at $4,979,000 after purchasing an additional 11,829 shares during the last quarter. Geode Capital Management LLC grew its holdings in First Midwest Bancorp by 11.1% during the fourth quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock valued at $23,726,000 after purchasing an additional 119,855 shares during the last quarter. Hsbc Holdings PLC acquired a new position in First Midwest Bancorp during the fourth quarter valued at approximately $1,122,000. Finally, Meeder Asset Management Inc. grew its holdings in First Midwest Bancorp by 151.2% during the first quarter. Meeder Asset Management Inc. now owns 12,518 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 7,535 shares during the last quarter. 81.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ FMBI traded up $0.55 during mid-day trading on Tuesday, reaching $20.38. The company had a trading volume of 841,338 shares, compared to its average volume of 600,301. The business has a fifty day simple moving average of $20.38. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $2.18 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. First Midwest Bancorp has a 12-month low of $18.10 and a 12-month high of $27.70.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $175.04 million during the quarter, compared to analyst estimates of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 earnings per share. Research analysts expect that First Midwest Bancorp will post 1.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Friday, June 28th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.75%. The ex-dividend date was Thursday, June 27th. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 33.53%.
First Midwest Bancorp Company Profile
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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