First Midwest Bancorp, Inc. (FMBI) Given Average Recommendation of “Hold” by Analysts
First Midwest Bancorp, Inc. (NASDAQ:FMBI) has been given a consensus recommendation of “Hold” by the eight research firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $26.20.
Several analysts have commented on FMBI shares. Jefferies Group LLC restated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a report on Sunday, June 11th. BidaskClub raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. 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 report on Friday, July 7th. Piper Jaffray Companies reiterated a “buy” rating and set a $26.00 price objective on shares of First Midwest Bancorp in a report on Wednesday. Finally, ValuEngine raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded down 2.38% during trading on Wednesday, hitting $23.00. 616,077 shares of the stock traded hands. The company’s 50 day moving average is $21.83 and its 200 day moving average is $22.66. The firm has a market cap of $2.36 billion, a PE ratio of 19.73 and a beta of 1.16. First Midwest Bancorp has a 52-week low of $18.75 and a 52-week high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. The business had revenue of $162.53 million during the quarter, compared to analyst estimates of $164.02 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. On average, equities research analysts predict that First Midwest Bancorp will post $1.30 EPS for the current year.
The company also recently announced 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. This represents a $0.40 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 28th. First Midwest Bancorp’s payout ratio is currently 34.19%.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the sale, the director now directly owns 24,237 shares in the company, valued at $529,578.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.69% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacad Investment Ltd. grew its holdings in shares of First Midwest Bancorp by 41.9% during the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 1,300 shares during the period. Riverhead Capital Management LLC increased its position in First Midwest Bancorp by 40.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 1,800 shares in the last quarter. Victory Capital Management Inc. increased its position in First Midwest Bancorp by 13.6% during the 1st quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 801 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in First Midwest Bancorp during the 1st quarter worth approximately $177,000. Finally, Envestnet Asset Management Inc. increased its position in First Midwest Bancorp by 1.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 136 shares in the last quarter. 80.94% of the stock is currently owned by institutional investors and hedge funds.
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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