First Midwest Bancorp Inc. (FMBI) Rating Lowered to Sell at 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 note 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. “
A number of other analysts have also commented on FMBI. Sterne Agee CRT started coverage on First Midwest Bancorp in a research report on Sunday, June 12th. They issued a “hold” rating for the company. Macquarie upgraded First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th. Finally, Jefferies Group restated a “buy” rating and set a $21.00 target price on shares of First Midwest Bancorp in a research report on Thursday, July 7th. One 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. The company has a consensus rating of “Hold” and a consensus price target of $19.36.
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Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up 0.67% during trading on Monday, reaching $19.62. 241,139 shares of the company traded hands. First Midwest Bancorp has a 12 month low of $14.56 and a 12 month high of $19.90. The stock’s 50 day moving average price is $19.38 and its 200-day moving average price is $18.48. The stock has a market cap of $1.60 billion, a P/E ratio of 18.85 and a beta of 1.30.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a return on equity of 7.72% and a net margin of 16.58%. During the same period last year, the business earned $0.29 earnings per share. On average, equities research analysts expect that First Midwest Bancorp will post $1.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Friday, September 30th will be given a $0.09 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.36 annualized dividend and a dividend yield of 1.83%. First Midwest Bancorp’s dividend payout ratio is presently 34.29%.
Several institutional investors have recently modified their holdings of the stock. Swiss National Bank raised its position in shares of First Midwest Bancorp by 0.8% in the second quarter. Swiss National Bank now owns 130,600 shares of the financial services provider’s stock valued at $2,293,000 after buying an additional 1,000 shares in the last quarter. BlackRock Inc. boosted its stake in First Midwest Bancorp by 62.1% in the first quarter. BlackRock Inc. now owns 7,946 shares of the financial services provider’s stock valued at $143,000 after buying an additional 3,044 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in First Midwest Bancorp by 0.4% in the first quarter. Glenmede Trust Co. NA now owns 25,786 shares of the financial services provider’s stock valued at $462,000 after buying an additional 110 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in First Midwest Bancorp by 18.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,373,498 shares of the financial services provider’s stock valued at $42,771,000 after buying an additional 361,226 shares during the last quarter. Finally, PineBridge Investments L.P. boosted its stake in First Midwest Bancorp by 7.8% in the second quarter. PineBridge Investments L.P. now owns 10,314 shares of the financial services provider’s stock valued at $181,000 after buying an additional 743 shares during the last quarter. Institutional investors and hedge funds own 82.14% of the company’s stock.
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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