First Midwest Bancorp (NASDAQ:FMBI) Downgraded by Raymond James

Raymond James lowered shares of First Midwest Bancorp (NASDAQ:FMBI) to a hold rating in a report published on Monday morning, Stock Target Advisor reports.

Several other equities analysts have also weighed in on FMBI. FIG Partners restated an outperform rating on shares of Southern First Bancshares in a report on Thursday, May 16th. BidaskClub upgraded shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $26.08.

NASDAQ:FMBI traded up $0.07 on Monday, reaching $20.47. The stock had a trading volume of 523,700 shares, compared to its average volume of 537,558. The firm has a market cap of $2.19 billion, a P/E ratio of 12.23, a P/E/G ratio of 1.53 and a beta of 1.24. First Midwest Bancorp has a 1-year low of $18.10 and a 1-year high of $27.70. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s fifty day simple moving average is $20.39.

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 the Zacks’ consensus estimate of $0.45 by $0.01. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. The company had revenue of $175.04 million for the quarter, compared to analyst estimates of $175.47 million. During the same period in the prior year, the business earned $0.33 earnings per share. First Midwest Bancorp’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities analysts anticipate that First Midwest Bancorp will post 1.95 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Friday, June 28th were given a dividend of $0.14 per share. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.56 annualized dividend and a dividend yield of 2.74%. First Midwest Bancorp’s dividend payout ratio is currently 33.53%.

In related news, Director Arsdell Stephen C. Van acquired 2,500 shares of the stock in a transaction dated Friday, May 17th. The stock was bought at an average price of $20.11 per share, with a total value of $50,275.00. Following the completion of the transaction, the director now directly owns 16,500 shares of the company’s stock, valued at $331,815. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Boston Partners grew its position in First Midwest Bancorp by 13.6% in the first quarter. Boston Partners now owns 1,009,815 shares of the financial services provider’s stock valued at $20,661,000 after purchasing an additional 120,807 shares in the last quarter. Legal & General Group Plc lifted its stake in First Midwest Bancorp by 4.9% in the fourth quarter. Legal & General Group Plc now owns 251,600 shares of the financial services provider’s stock valued at $4,979,000 after acquiring an additional 11,829 shares during the last quarter. Geode Capital Management LLC lifted its stake in First Midwest Bancorp by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock valued at $23,726,000 after acquiring an additional 119,855 shares during the last quarter. Martingale Asset Management L P lifted its stake in First Midwest Bancorp by 5.9% in the fourth quarter. Martingale Asset Management L P now owns 82,145 shares of the financial services provider’s stock valued at $1,628,000 after acquiring an additional 4,583 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in First Midwest Bancorp in the fourth quarter valued at $1,122,000. 81.30% of the stock is owned by institutional investors and hedge funds.

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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