First Midwest Bancorp, Inc. (FMBI) Cut to “Sell” at BidaskClub
First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
A number of other analysts have also commented on the stock. FIG Partners upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Friday, May 19th. 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. Keefe, Bruyette & Woods restated a “hold” rating and set a $25.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, April 12th. Finally, Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, April 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $26.75.
First Midwest Bancorp (FMBI) traded down 0.61% on Friday, reaching $22.69. 2,201,445 shares of the company were exchanged. The company’s 50-day moving average price is $22.87 and its 200-day moving average price is $23.83. First Midwest Bancorp has a 12-month low of $15.86 and a 12-month high of $25.83. The stock has a market capitalization of $2.55 billion, a P/E ratio of 20.15 and a beta of 1.19.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.34 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.34. The business had revenue of $155.15 million during the quarter, compared to analyst estimates of $162 million. First Midwest Bancorp had a net margin of 16.73% and a return on equity of 7.91%. During the same quarter in the previous year, the business posted $0.27 EPS. Equities research analysts anticipate that First Midwest Bancorp will post $1.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 11th. Stockholders of record on Friday, June 30th will be paid a $0.10 dividend. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.76%. First Midwest Bancorp’s dividend payout ratio is presently 31.58%.
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In other news, Director Thomas Lynn Brown bought 3,000 shares of First Midwest Bancorp stock in a transaction dated Tuesday, June 13th. The stock was purchased at an average price of $24.06 per share, for a total transaction of $72,180.00. Following the purchase, the director now directly owns 3,000 shares in the company, valued at approximately $72,180. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.48% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. UBS Oconnor LLC purchased a new stake in First Midwest Bancorp during the first quarter valued at about $4,973,000. Macquarie Group Ltd. raised its stake 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 valued at $54,904,000 after buying an additional 86,379 shares during the last quarter. AQR Capital Management LLC raised its stake in First Midwest Bancorp by 22.8% in the first quarter. AQR Capital Management LLC now owns 145,611 shares of the financial services provider’s stock valued at $3,448,000 after buying an additional 27,043 shares during the last quarter. Highbridge Capital Management LLC raised its stake in First Midwest Bancorp by 231.2% in the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock valued at $5,931,000 after buying an additional 174,825 shares during the last quarter. Finally, State Street Corp raised its stake 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 valued at $71,057,000 after buying an additional 650,722 shares during the last quarter. Hedge funds and other institutional investors own 73.66% 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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