First Midwest Bancorp, Inc. (FMBI) Stock Rating Upgraded by BidaskClub
First Midwest Bancorp, Inc. (NASDAQ:FMBI) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Friday.
Several other brokerages have also issued reports on FMBI. 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 Sunday, June 11th. FIG Partners upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Friday, May 19th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $25.00 price target on shares of First Midwest Bancorp in a research report on Wednesday, April 12th. Finally, Zacks Investment Research downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $26.75.
Shares of First Midwest Bancorp (FMBI) traded down 0.72% during mid-day trading on Friday, hitting $23.31. 531,906 shares of the stock were exchanged. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 20.70 and a beta of 1.19. The company’s 50-day moving average is $22.89 and its 200-day moving average is $23.76. First Midwest Bancorp has a 1-year low of $16.68 and a 1-year high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. The company had revenue of $155.15 million for 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 last year, the firm earned $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 declared a quarterly dividend, which will be paid on Tuesday, July 11th. Investors of record on Friday, June 30th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, June 28th. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 35.09%.
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In other news, Director Thomas Lynn Brown purchased 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were acquired at an average cost of $24.06 per share, for a total transaction of $72,180.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $72,180. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.48% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of First Midwest Bancorp by 13.6% in the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock valued at $158,000 after buying an additional 801 shares during the period. Ameritas Investment Partners Inc. bought a new stake in shares of First Midwest Bancorp during the first quarter valued at approximately $177,000. Envestnet Asset Management Inc. increased its stake in shares of First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock valued at $203,000 after buying an additional 136 shares during the period. State of Alaska Department of Revenue increased its stake in shares of First Midwest Bancorp by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 8,950 shares of the financial services provider’s stock valued at $211,000 after buying an additional 150 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of First Midwest Bancorp by 0.3% in the first quarter. IFP Advisors Inc now owns 9,012 shares of the financial services provider’s stock valued at $213,000 after buying an additional 25 shares during the period. 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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