First Midwest Bancorp Inc. (FMBI) Downgraded by Zacks Investment Research
First Midwest Bancorp Inc. (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
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 brokerages have also recently issued reports on FMBI. Sterne Agee CRT assumed coverage on shares of First Midwest Bancorp in a report on Sunday, June 12th. They issued a “hold” rating on the stock. Jefferies Group restated a “buy” rating and issued a $21.00 target price on shares of First Midwest Bancorp in a report on Thursday, July 7th. Finally, Macquarie upgraded shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a report on Thursday, June 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.36.
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Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up 0.67% during mid-day trading on Monday, reaching $19.62. 241,139 shares of the company’s stock traded hands. First Midwest Bancorp has a 12-month low of $14.56 and a 12-month high of $19.90. The company has a market cap of $1.60 billion, a P/E ratio of 18.85 and a beta of 1.30. The firm has a 50-day moving average of $19.38 and a 200 day moving average of $18.48.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a net margin of 16.58% and a return on equity of 7.72%. During the same period in the previous year, the business earned $0.29 EPS. Equities analysts forecast that First Midwest Bancorp will post $1.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.83%. The ex-dividend date is Wednesday, September 28th. First Midwest Bancorp’s dividend payout ratio is currently 34.29%.
Institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group purchased a new position in shares of First Midwest Bancorp during the second quarter valued at approximately $20,081,000. Emerald Acquisition Ltd. purchased a new position in shares of First Midwest Bancorp during the second quarter valued at approximately $11,697,000. Teachers Advisors Inc. raised its position in shares of First Midwest Bancorp by 295.2% in the first quarter. Teachers Advisors Inc. now owns 778,365 shares of the financial services provider’s stock valued at $14,026,000 after buying an additional 581,401 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of First Midwest Bancorp by 7.2% in the second quarter. Dimensional Fund Advisors LP now owns 6,811,462 shares of the financial services provider’s stock valued at $119,607,000 after buying an additional 458,739 shares in the last quarter. Finally, Foundry Partners LLC purchased a new position in shares of First Midwest Bancorp during the second quarter valued at approximately $6,543,000. 82.14% of the stock is owned by institutional investors and hedge funds.
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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