First Midwest Bancorp, Inc. (NASDAQ:FMBI) has been given a consensus recommendation of “Hold” by the eight brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $26.20.
Several equities analysts have weighed in on FMBI shares. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Piper Jaffray Companies upgraded First Midwest Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the company from $25.00 to $26.00 in a report on Monday, July 24th. ValuEngine cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a report on Sunday, June 11th.
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First Midwest Bancorp (NASDAQ:FMBI) traded up 0.30% during mid-day trading on Wednesday, reaching $23.34. The company had a trading volume of 296,727 shares. First Midwest Bancorp has a 1-year low of $18.75 and a 1-year high of $25.83. The firm has a 50-day moving average of $22.01 and a 200 day moving average of $22.66. The company has a market capitalization of $2.40 billion, a PE ratio of 20.02 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same quarter in the prior year, the business earned $0.32 EPS. On average, analysts predict that First Midwest Bancorp will post $1.30 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, September 28th. First Midwest Bancorp’s payout ratio is 34.19%.
In other news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the sale, the director now directly owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.69% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of First Midwest Bancorp by 8.5% in the 2nd quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock valued at $261,312,000 after purchasing an additional 873,753 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of First Midwest Bancorp by 13.1% in the 2nd quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock valued at $208,804,000 after purchasing an additional 1,037,378 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of First Midwest Bancorp by 8.5% in the 1st quarter. Wellington Management Group LLP now owns 5,144,949 shares of the financial services provider’s stock valued at $121,832,000 after purchasing an additional 402,445 shares during the last quarter. State Street Corp lifted its stake in shares of First Midwest Bancorp by 21.5% in the 2nd quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after purchasing an additional 644,968 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of First Midwest Bancorp by 20.1% in the 2nd quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock valued at $62,310,000 after purchasing an additional 446,786 shares during the last quarter. 80.94% of the stock is 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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