First Midwest Bancorp, Inc. (FMBI) Given Average Rating of “Hold” by Analysts
First Midwest Bancorp, Inc. (NASDAQ:FMBI) has received an average rating of “Hold” from the eight analysts that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $26.20.
Several analysts recently issued reports on FMBI shares. Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a report on Friday, August 11th. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Friday, July 7th. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 30th. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, FIG Partners downgraded First Midwest Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $26.00 to $25.00 in a report on Thursday, July 27th.
In related news, Director Thomas Lynn Brown purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was purchased at an average cost 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 $72,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.69% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in FMBI. Pacad Investment Ltd. grew its stake in shares of First Midwest Bancorp by 41.9% during the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 1,300 shares in the last quarter. Riverhead Capital Management LLC grew its stake in shares of First Midwest Bancorp by 40.9% during the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 1,800 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of First Midwest Bancorp by 13.6% during the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 801 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of First Midwest Bancorp during the first quarter valued at about $177,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of First Midwest Bancorp by 1.6% during the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 136 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.
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Shares of First Midwest Bancorp (FMBI) traded up 2.03% during midday trading on Friday, hitting $21.06. The stock had a trading volume of 1,045,330 shares. First Midwest Bancorp has a 12-month low of $18.75 and a 12-month high of $25.83. The stock has a 50-day moving average price of $21.61 and a 200-day moving average price of $22.91. The stock has a market cap of $2.16 billion, a P/E ratio of 18.06 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.01. The firm had revenue of $162.53 million during the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. During the same period last year, the business posted $0.32 earnings per share. Equities analysts forecast that First Midwest Bancorp will post $1.30 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.10 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.40 annualized dividend and a yield of 1.90%. First Midwest Bancorp’s dividend payout ratio is currently 34.19%.
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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