Several other analysts have also recently issued reports on FMBI. SunTrust Banks decreased their price objective on First Midwest Bancorp from $14.00 to $13.00 and set a hold rating on the stock in a report on Tuesday, May 19th. BidaskClub cut First Midwest Bancorp from a sell rating to a strong sell rating in a report on Friday, June 26th. Piper Sandler decreased their price objective on First Midwest Bancorp from $17.00 to $16.00 and set an overweight rating on the stock in a report on Monday, May 4th. Janney Montgomery Scott restated a buy rating and set a $13.50 price target on shares of First Midwest Bancorp in a report on Sunday, June 21st. Finally, Zacks Investment Research lowered First Midwest Bancorp from a hold rating to a sell rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $17.50.
Shares of FMBI opened at $12.14 on Wednesday. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 9.33 and a beta of 1.30. First Midwest Bancorp has a 1 year low of $10.31 and a 1 year high of $23.64. The business’s 50 day simple moving average is $12.85 and its 200-day simple moving average is $15.30. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.01 and a quick ratio of 1.02.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.04. The business had revenue of $178.23 million for the quarter, compared to analysts’ expectations of $185.80 million. First Midwest Bancorp had a return on equity of 6.54% and a net margin of 16.97%. On average, sell-side analysts expect that First Midwest Bancorp will post 1.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Friday, June 26th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $0.56 annualized dividend and a yield of 4.61%. First Midwest Bancorp’s payout ratio is presently 28.28%.
In other First Midwest Bancorp news, EVP R Douglas Rose bought 1,400 shares of First Midwest Bancorp stock in a transaction on Wednesday, June 17th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $35,000.00. Following the completion of the purchase, the executive vice president now directly owns 1,400 shares in the company, valued at approximately $35,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mark G. Sander bought 3,000 shares of First Midwest Bancorp stock in a transaction on Wednesday, June 17th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $75,000.00. Following the purchase, the chief operating officer now owns 3,000 shares of the company’s stock, valued at $75,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,400 shares of company stock worth $268,560 in the last 90 days. 1.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in FMBI. Point72 Hong Kong Ltd purchased a new stake in First Midwest Bancorp in the fourth quarter worth $27,000. Aigen Investment Management LP purchased a new stake in First Midwest Bancorp in the first quarter worth $37,000. Versant Capital Management Inc increased its stake in First Midwest Bancorp by 221.5% in the first quarter. Versant Capital Management Inc now owns 3,463 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 2,386 shares during the period. Mutual of America Capital Management LLC increased its stake in First Midwest Bancorp by 21.8% in the first quarter. Mutual of America Capital Management LLC now owns 4,775 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 855 shares during the period. Finally, MPS Loria Financial Planners LLC increased its stake in First Midwest Bancorp by 56.8% in the first quarter. MPS Loria Financial Planners LLC now owns 17,907 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 6,484 shares during the period. Institutional investors and hedge funds own 80.65% of the company’s stock.
About First Midwest Bancorp
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.
Recommended Story: What’s a Black Swan?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for First Midwest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.