BidaskClub Lowers First Midwest Bancorp (NASDAQ:FMBI) to Sell

BidaskClub downgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a sell rating in a research report report published on Saturday, BidAskClub reports.

Separately, FIG Partners upgraded shares of First Midwest Bancorp from a market perform rating to an outperform rating in a research report on Thursday, May 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $26.08.

Shares of FMBI opened at $20.06 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.51 and a beta of 1.27. The business’s 50 day simple moving average is $20.42. First Midwest Bancorp has a 12-month low of $18.10 and a 12-month high of $27.70.

First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $175.04 million for 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%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. As a group, analysts expect that First Midwest Bancorp will post 1.95 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Friday, June 28th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.79%. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, June 27th. First Midwest Bancorp’s dividend payout ratio (DPR) is 28.74%.

In other news, Director Arsdell Stephen C. Van acquired 2,500 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were purchased at an average cost of $20.11 per share, for a total transaction of $50,275.00. Following the transaction, the director now directly owns 16,500 shares in the company, valued at approximately $331,815. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.

A number of large investors have recently bought and sold shares of FMBI. BlackRock Inc. grew its holdings in 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 valued at $319,430,000 after buying an additional 963,616 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Midwest Bancorp by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,978,181 shares of the financial services provider’s stock worth $138,238,000 after buying an additional 211,441 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of First Midwest Bancorp by 0.9% during the 4th quarter. Macquarie Group Ltd. now owns 2,743,719 shares of the financial services provider’s stock worth $54,353,000 after buying an additional 24,542 shares during the last quarter. Northern Trust Corp raised its stake in shares of First Midwest Bancorp by 1.7% during the 4th quarter. Northern Trust Corp now owns 2,048,581 shares of the financial services provider’s stock worth $40,582,000 after buying an additional 35,060 shares during the last quarter. Finally, Pzena Investment Management LLC raised its stake in shares of First Midwest Bancorp by 2.0% during the 1st quarter. Pzena Investment Management LLC now owns 1,497,276 shares of the financial services provider’s stock worth $30,634,000 after buying an additional 29,951 shares during the last quarter. Hedge funds and other institutional investors own 81.30% 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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Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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