First Midwest Bancorp, Inc. (FMBI) Downgraded to Sell at BidaskClub
First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday.
Several other equities research analysts have also recently commented on FMBI. Jefferies Group LLC reissued a “buy” rating and set a $27.00 target price on shares of First Midwest Bancorp in a report on Sunday, June 11th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Friday, July 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $25.00 price objective on shares of First Midwest Bancorp in a research report on Wednesday, April 12th. Finally, 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. First Midwest Bancorp has a consensus rating of “Buy” and an average target price of $26.50.
First Midwest Bancorp (FMBI) traded down 1.06% during trading on Thursday, reaching $23.27. The company’s stock had a trading volume of 360,137 shares. The firm has a 50 day moving average of $22.89 and a 200 day moving average of $23.76. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 20.41 and a beta of 1.16. First Midwest Bancorp has a 52 week low of $18.26 and a 52 week high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.34. The company had revenue of $155.15 million for the quarter, compared to analysts’ expectations of $162 million. First Midwest Bancorp had a return on equity of 7.91% and a net margin of 16.73%. During the same quarter in the previous year, the company posted $0.27 earnings per share. Analysts expect that First Midwest Bancorp will post $1.34 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 11th. Stockholders of record on Friday, June 30th were issued a dividend of $0.10 per share. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.72%. First Midwest Bancorp’s payout ratio is presently 35.09%.
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In related news, Director Thomas Lynn Brown acquired 3,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were bought at an average price of $24.06 per share, for a total transaction of $72,180.00. Following the acquisition, the director now owns 3,000 shares in the company, valued at approximately $72,180. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.48% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its position in First Midwest Bancorp by 79.0% in the second quarter. State of Alaska Department of Revenue now owns 16,024 shares of the financial services provider’s stock valued at $373,000 after buying an additional 7,074 shares during the last quarter. Bank of Montreal Can bought a new position in First Midwest Bancorp during the second quarter valued at about $1,471,000. UBS Oconnor LLC bought a new position in First Midwest Bancorp during the first quarter valued at about $4,973,000. 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 valued at $54,904,000 after buying an additional 86,379 shares during the last quarter. Finally, AQR Capital Management LLC increased its position 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. 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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