BidaskClub Downgrades First Midwest Bancorp (NASDAQ:FMBI) to Strong Sell
A number of other equities analysts have also recently issued reports on the company. Raymond James cut First Midwest Bancorp to a hold rating in a report on Monday, July 8th. FIG Partners raised shares of First Midwest Bancorp from a market perform rating to an outperform rating in a research note on Thursday, May 16th. DA Davidson lowered their target price on First Midwest Bancorp from $23.00 to $22.00 and set a neutral rating for the company in a report on Thursday, September 5th. Finally, Zacks Investment Research upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $24.00.
Shares of FMBI opened at $19.81 on Friday. The company’s 50-day moving average is $19.72 and its 200-day moving average is $20.63. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $2.19 billion, a PE ratio of 11.86, a PEG ratio of 1.37 and a beta of 1.27. First Midwest Bancorp has a fifty-two week low of $18.10 and a fifty-two week high of $27.52.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Friday, September 27th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, September 26th. First Midwest Bancorp’s payout ratio is 33.53%.
A number of large investors have recently made changes to their positions in FMBI. AdvisorNet Financial Inc purchased a new position in shares of First Midwest Bancorp during the second quarter worth approximately $31,000. Rockefeller Capital Management L.P. raised its stake in shares of First Midwest Bancorp by 83.2% during the second quarter. Rockefeller Capital Management L.P. now owns 1,533 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 696 shares during the last quarter. NumerixS Investment Technologies Inc raised its position in First Midwest Bancorp by 47.3% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,725 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 875 shares during the last quarter. Pearl River Capital LLC bought a new position in shares of First Midwest Bancorp during the second quarter valued at approximately $88,000. Finally, Virginia Retirement Systems ET AL bought a new position in First Midwest Bancorp in the 2nd quarter worth $203,000. Institutional investors own 82.32% 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.
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