First Midwest Bancorp Inc. (FMBI) Sees Strong Trading Volume
First Midwest Bancorp Inc. (NASDAQ:FMBI) saw unusually-high trading volume on Tuesday . Approximately 262,541 shares were traded during mid-day trading, an increase of 2% from the previous session’s volume of 257,065 shares.The stock last traded at $19.58 and had previously closed at $19.47.
FMBI has been the subject of several analyst reports. Macquarie initiated coverage on First Midwest Bancorp in a research report on Friday, May 13th. They issued a “neutral” rating for the company. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, July 1st. Piper Jaffray Cos. initiated coverage on First Midwest Bancorp in a research report on Friday, June 10th. They set a “neutral” rating and a $19.00 price target for the company. Sterne Agee CRT initiated coverage on First Midwest Bancorp in a research report on Sunday, June 12th. They set a “hold” rating for the company. Finally, Jefferies Group restated a “buy” rating and set a $21.00 price target on shares of First Midwest Bancorp in a research report on Thursday, July 7th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $19.36.
The stock’s 50 day moving average is $18.88 and its 200 day moving average is $18.09. The company has a market cap of $1.59 billion and a price-to-earnings ratio of 18.84.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. During the same period last year, the company earned $0.29 EPS. On average, equities analysts anticipate that First Midwest Bancorp Inc. will post $1.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th will be issued a $0.09 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.36 annualized dividend and a yield of 1.84%.
A hedge fund recently raised its stake in First Midwest Bancorp stock. Bank of Montreal Can raised its stake in shares of First Midwest Bancorp Inc. (NASDAQ:FMBI) by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,663 shares of the financial services provider’s stock after buying an additional 8,446 shares during the period. Bank of Montreal Can owned about 0.09% of First Midwest Bancorp worth $1,322,000 as of its most recent filing with the SEC.
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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