First Midwest Bancorp Inc (NASDAQ:FMBI) has been assigned an average rating of “Hold” from the ten research firms that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $29.38.
A number of brokerages have commented on FMBI. Zacks Investment Research downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. BidaskClub downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, August 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $30.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Stephens downgraded shares of First Midwest Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Friday, June 8th. Finally, Piper Jaffray Companies increased their price objective on shares of First Midwest Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, July 27th.
FMBI stock traded down $0.47 during mid-day trading on Wednesday, reaching $26.99. The company had a trading volume of 8,687 shares, compared to its average volume of 337,273. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $2.83 billion, a P/E ratio of 20.16, a P/E/G ratio of 2.35 and a beta of 1.14. First Midwest Bancorp has a 12 month low of $22.03 and a 12 month high of $27.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.63%. First Midwest Bancorp’s dividend payout ratio is presently 32.59%.
In other news, Director Thomas M. Prame sold 2,250 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $27.07, for a total transaction of $60,907.50. Following the transaction, the director now directly owns 38,524 shares in the company, valued at $1,042,844.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.47% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of FMBI. Rhumbline Advisers lifted its position in First Midwest Bancorp by 1.4% during the first quarter. Rhumbline Advisers now owns 255,669 shares of the financial services provider’s stock valued at $6,287,000 after acquiring an additional 3,490 shares during the last quarter. SG Americas Securities LLC purchased a new stake in First Midwest Bancorp during the first quarter valued at approximately $210,000. Victory Capital Management Inc. lifted its position in First Midwest Bancorp by 18.2% during the first quarter. Victory Capital Management Inc. now owns 14,132 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 2,180 shares during the last quarter. Prudential Financial Inc. lifted its position in First Midwest Bancorp by 2.2% during the first quarter. Prudential Financial Inc. now owns 172,956 shares of the financial services provider’s stock valued at $4,253,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Swiss National Bank lifted its position in First Midwest Bancorp by 2.3% during the first quarter. Swiss National Bank now owns 179,000 shares of the financial services provider’s stock valued at $4,402,000 after acquiring an additional 4,000 shares during the last quarter. 82.45% of the stock is owned by institutional investors.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
Further Reading: Index Funds
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.