First Midwest Bancorp Inc (NASDAQ:FMBI) announced a quarterly dividend on Tuesday, May 19th, Zacks reports. Shareholders of record on Friday, June 26th will be given a dividend of 0.14 per share by the financial services provider on Tuesday, July 7th. This represents a $0.56 annualized dividend and a yield of 4.62%. The ex-dividend date is Thursday, June 25th.
First Midwest Bancorp has raised its dividend payment by an average of 12.8% per year over the last three years and has increased its dividend every year for the last 7 years. First Midwest Bancorp has a dividend payout ratio of 49.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Midwest Bancorp to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 50.9%.
FMBI traded up $0.02 during trading on Thursday, hitting $12.12. 7,937 shares of the company’s stock were exchanged, compared to its average volume of 609,838. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.18. First Midwest Bancorp has a 1 year low of $10.31 and a 1 year high of $23.64. The stock has a 50 day moving average price of $13.13 and a 200 day moving average price of $18.58. The firm has a market cap of $1.28 billion, a P/E ratio of 7.71 and a beta of 1.33.
Several research analysts have recently weighed in on FMBI shares. BidaskClub downgraded shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 7th. SunTrust Banks decreased their target price on shares of First Midwest Bancorp from $14.00 to $13.00 and set a “hold” rating for the company in a research note on Tuesday. ValuEngine downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Piper Sandler decreased their target price on shares of First Midwest Bancorp from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, May 4th. Finally, Zacks Investment Research downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, March 23rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. First Midwest Bancorp currently has an average rating of “Hold” and a consensus target price of $18.50.
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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