Raymond James cut shares of First Midwest Bancorp (NASDAQ:FMBI) to a hold rating in a research note released on Monday, Stock Target Advisor reports.

Several other research firms have also issued reports on FMBI. BidaskClub upgraded shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. FIG Partners reiterated an outperform rating on shares of Southern First Bancshares in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $26.08.

FMBI stock traded up $0.07 during midday trading on Monday, reaching $20.47. 523,700 shares of the company’s stock traded hands, compared to its average volume of 537,558. The firm has a market capitalization of $2.19 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The firm has a fifty day simple moving average of $20.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 0.97. First Midwest Bancorp has a 52 week low of $18.10 and a 52 week high of $27.70.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $175.04 million during the quarter, compared to analyst estimates of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. First Midwest Bancorp’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 EPS. On average, equities research analysts anticipate that First Midwest Bancorp will post 1.95 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Friday, June 28th were issued a $0.14 dividend. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Thursday, June 27th. First Midwest Bancorp’s payout ratio is 33.53%.

In related news, Director Arsdell Stephen C. Van purchased 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average cost of $20.11 per share, with a total value of $50,275.00. Following the acquisition, the director now owns 16,500 shares of the company’s stock, valued at $331,815. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of First Midwest Bancorp by 6.6% in the 1st quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock worth $319,430,000 after buying an additional 963,616 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in First Midwest Bancorp by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,978,181 shares of the financial services provider’s stock valued at $138,238,000 after purchasing an additional 211,441 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in First Midwest Bancorp by 0.9% during the fourth quarter. Macquarie Group Ltd. now owns 2,743,719 shares of the financial services provider’s stock valued at $54,353,000 after purchasing an additional 24,542 shares during the last quarter. Northern Trust Corp lifted its holdings in First Midwest Bancorp by 1.7% during the fourth quarter. Northern Trust Corp now owns 2,048,581 shares of the financial services provider’s stock valued at $40,582,000 after purchasing an additional 35,060 shares during the last quarter. Finally, Pzena Investment Management LLC lifted its holdings in First Midwest Bancorp by 2.0% during the first quarter. Pzena Investment Management LLC now owns 1,497,276 shares of the financial services provider’s stock valued at $30,634,000 after purchasing an additional 29,951 shares during the last quarter. 81.30% of the stock is currently owned by institutional investors.

First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.

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Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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