First Midwest Bancorp Inc (FMBI) Upgraded by FIG Partners to “Outperform”
First Midwest Bancorp Inc (NASDAQ:FMBI) was upgraded by analysts at FIG Partners from a “market perform” rating to an “outperform” rating in a research report issued on Friday.
Other research analysts have also issued research reports about the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research note on Wednesday, April 5th. Zacks Investment Research lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $25.00 price objective on shares of First Midwest Bancorp in a research note on Wednesday, April 12th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $25.20.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up 1.40% during mid-day trading on Friday, reaching $22.39. 171,798 shares of the company were exchanged. First Midwest Bancorp has a 12 month low of $15.86 and a 12 month high of $25.83. The company’s 50 day moving average price is $22.96 and its 200 day moving average price is $23.69. The firm has a market capitalization of $2.52 billion, a PE ratio of 19.88 and a beta of 1.22.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. First Midwest Bancorp had a net margin of 17.08% and a return on equity of 7.79%. The firm had revenue of $155.15 million during the quarter, compared to the consensus estimate of $162 million. During the same period in the prior year, the firm earned $0.27 EPS. Equities analysts anticipate that First Midwest Bancorp will post $1.35 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 11th. Shareholders of record on Friday, June 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.81%. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date is Wednesday, June 28th. First Midwest Bancorp’s payout ratio is 31.58%.
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In related news, Director Arsdell Stephen C. Van acquired 14,000 shares of First Midwest Bancorp stock in a transaction on Tuesday, March 7th. The stock was purchased at an average cost of $24.39 per share, with a total value of $341,460.00. Following the completion of the transaction, the director now directly owns 14,000 shares in the company, valued at approximately $341,460. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.48% of the company’s stock.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in First Midwest Bancorp by 49,897.9% in the first quarter. BlackRock Inc. now owns 10,336,571 shares of the financial services provider’s stock worth $244,770,000 after buying an additional 10,315,897 shares during the period. Vanguard Group Inc. increased its position in First Midwest Bancorp by 15.1% in the first quarter. Vanguard Group Inc. now owns 7,920,350 shares of the financial services provider’s stock worth $187,554,000 after buying an additional 1,037,514 shares during the period. Wellington Management Group LLP increased its position in First Midwest Bancorp by 8.5% in the first quarter. Wellington Management Group LLP now owns 5,144,949 shares of the financial services provider’s stock worth $121,832,000 after buying an additional 402,445 shares during the period. State Street Corp increased its position in First Midwest Bancorp by 27.7% in the first quarter. State Street Corp now owns 3,000,830 shares of the financial services provider’s stock worth $71,057,000 after buying an additional 650,722 shares during the period. Finally, Macquarie Group Ltd. increased its position in First Midwest Bancorp by 3.9% in the first quarter. Macquarie Group Ltd. now owns 2,318,591 shares of the financial services provider’s stock worth $54,904,000 after buying an additional 86,379 shares during the period. 81.17% of the stock is owned by institutional investors.
About First Midwest Bancorp
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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