First Midwest Bancorp Inc (NASDAQ:FMBI) announced a quarterly dividend on Thursday, August 22nd, Zacks reports. Shareholders of record on Friday, September 27th will be given a dividend of 0.14 per share by the financial services provider on Tuesday, October 8th. This represents a $0.56 annualized dividend and a yield of 2.85%. The ex-dividend date is Thursday, September 26th.
First Midwest Bancorp has increased its dividend payment by an average of 7.1% per year over the last three years and has raised its dividend every year for the last 6 years. First Midwest Bancorp has a dividend payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Midwest Bancorp to earn $2.03 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 27.6%.
Shares of NASDAQ FMBI traded down $0.20 during mid-day trading on Tuesday, reaching $19.67. 55,030 shares of the company’s stock traded hands, compared to its average volume of 568,076. The stock has a market cap of $2.20 billion, a P/E ratio of 11.78, a PEG ratio of 1.46 and a beta of 1.27. The business has a 50-day simple moving average of $19.43 and a 200 day simple moving average of $20.44. First Midwest Bancorp has a 1-year low of $18.10 and a 1-year high of $27.51. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97.
A number of research analysts have recently issued reports on FMBI shares. DA Davidson reduced their price objective on shares of First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. BidaskClub upgraded shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $24.00.
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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