First Midwest Bancorp, Inc. (NASDAQ:FMBI) Lowered to Market Perform at FIG Partners
FIG Partners downgraded shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) from an outperform rating to a market perform rating in a research note published on Thursday morning, Marketbeat reports. They currently have $25.00 price objective on the financial services provider’s stock, down from their prior price objective of $26.00.
Several other research analysts have also weighed in on FMBI. Piper Jaffray Companies raised First Midwest Bancorp from a neutral rating to an overweight rating and upped their target price for the stock from $25.00 to $26.00 in a research report on Monday, July 24th. BidaskClub raised First Midwest Bancorp from a sell rating to a hold rating in a research report on Saturday, June 10th. Jefferies Group LLC reaffirmed a buy rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research report on Sunday, June 11th. Zacks Investment Research raised First Midwest Bancorp from a hold rating to a buy rating and set a $26.00 target price on the stock in a research report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $25.00 target price on shares of First Midwest Bancorp in a research report on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. First Midwest Bancorp has a consensus rating of Hold and a consensus target price of $26.17.
First Midwest Bancorp (NASDAQ:FMBI) opened at 22.18 on Thursday. First Midwest Bancorp has a 1-year low of $18.36 and a 1-year high of $25.83. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 19.02 and a beta of 1.16. The stock has a 50 day moving average price of $23.35 and a 200 day moving average price of $23.53.
First Midwest Bancorp (NASDAQ:FMBI) last posted 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. 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 for the quarter, compared to analyst estimates of $164.02 million. During the same period in the previous year, the firm posted $0.32 earnings per share. Analysts predict that First Midwest Bancorp will post $1.34 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Tuesday, July 11th. Shareholders of record on Friday, June 30th were given a $0.10 dividend. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Wednesday, June 28th. First Midwest Bancorp’s dividend payout ratio is presently 34.19%.
In related news, Director Thomas Lynn Brown purchased 3,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was bought at an average price of $24.06 per share, for a total transaction of $72,180.00. Following the purchase, 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 Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.48% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its stake in First Midwest Bancorp by 10.5% in the fourth quarter. GSA Capital Partners LLP now owns 11,329 shares of the financial services provider’s stock valued at $286,000 after buying an additional 1,079 shares during the period. Norges Bank bought a new stake in First Midwest Bancorp during the fourth quarter valued at about $19,012,000. Quadrature Capital Ltd bought a new stake in First Midwest Bancorp during the fourth quarter valued at about $278,000. Teachers Advisors LLC increased its stake in First Midwest Bancorp by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 852,375 shares of the financial services provider’s stock valued at $21,505,000 after buying an additional 17,355 shares during the period. Finally, Foundry Partners LLC increased its stake in First Midwest Bancorp by 14.9% in the first quarter. Foundry Partners LLC now owns 449,429 shares of the financial services provider’s stock valued at $10,642,000 after buying an additional 58,405 shares during the period. Institutional investors own 73.56% of the company’s stock.
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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