First Midwest Bancorp (NASDAQ:FMBI) Raised to Hold at ValuEngine

ValuEngine upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a sell rating to a hold rating in a research note published on Wednesday, ValuEngine reports.

Several other research analysts have also recently issued reports on the company. Raymond James cut First Midwest Bancorp to a hold rating in a research note on Monday, July 8th. BidaskClub raised First Midwest Bancorp from a strong sell rating to a sell rating in a research note on Tuesday, September 17th. DA Davidson dropped their price objective on First Midwest Bancorp from $23.00 to $22.00 and set a neutral rating on the stock in a research note on Thursday, September 5th. Finally, Zacks Investment Research raised First Midwest Bancorp from a sell rating to a hold rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. First Midwest Bancorp currently has a consensus rating of Hold and an average target price of $24.00.

NASDAQ:FMBI traded up $0.23 during midday trading on Wednesday, hitting $19.03. The stock had a trading volume of 352,382 shares, compared to its average volume of 553,587. First Midwest Bancorp has a one year low of $18.10 and a one year high of $27.38. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 11.40 and a beta of 1.26. The stock has a 50-day moving average of $19.35 and a 200 day moving average of $20.31. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.71.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 23.58%. The company had revenue of $190.02 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter in the prior year, the firm earned $0.40 earnings per share. First Midwest Bancorp’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts anticipate that First Midwest Bancorp will post 1.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, September 26th. This represents a $0.56 dividend on an annualized basis and a yield of 2.94%. First Midwest Bancorp’s dividend payout ratio is currently 33.53%.

Institutional investors have recently bought and sold shares of the business. Teza Capital Management LLC purchased a new stake in First Midwest Bancorp during the second quarter worth $252,000. AdvisorNet Financial Inc purchased a new stake in First Midwest Bancorp during the second quarter worth $31,000. Prudential Financial Inc. lifted its holdings in First Midwest Bancorp by 18.4% during the second quarter. Prudential Financial Inc. now owns 597,565 shares of the financial services provider’s stock worth $12,232,000 after buying an additional 93,060 shares during the period. Pearl River Capital LLC purchased a new stake in First Midwest Bancorp during the second quarter worth $88,000. Finally, Ausdal Financial Partners Inc. lifted its holdings in First Midwest Bancorp by 5.0% during the second quarter. Ausdal Financial Partners Inc. now owns 26,610 shares of the financial services provider’s stock worth $576,000 after buying an additional 1,269 shares during the period. Institutional investors own 82.31% 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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