First Midwest Bancorp Inc (NASDAQ:FMBI) announced a quarterly dividend on Monday, August 24th, Wall Street Journal reports. Shareholders of record on Friday, September 25th will be paid a dividend of 0.14 per share by the financial services provider on Tuesday, October 6th. This represents a $0.56 annualized dividend and a yield of 5.08%. The ex-dividend date of this dividend is Thursday, September 24th.
First Midwest Bancorp has increased its dividend by 50.0% over the last three years and has increased its dividend every year for the last 3 years. First Midwest Bancorp has a payout ratio of 68.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Midwest Bancorp to earn $0.80 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 70.0%.
Shares of FMBI opened at $11.03 on Wednesday. The business’s fifty day simple moving average is $12.52 and its two-hundred day simple moving average is $13.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.05. First Midwest Bancorp has a 12 month low of $10.31 and a 12 month high of $23.64. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 8.48 and a beta of 1.23.
Several equities analysts have recently weighed in on the company. BidaskClub cut First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 25th. Janney Montgomery Scott reissued a “buy” rating and set a $13.50 price target on shares of First Midwest Bancorp in a report on Sunday, June 21st. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 29th. Finally, ValuEngine cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 4th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. First Midwest Bancorp currently has a consensus rating of “Hold” and an average target price of $16.38.
First Midwest Bancorp Company Profile
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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