Other equities research analysts have also issued reports about the stock. Piper Sandler dropped their price objective on shares of First Midwest Bancorp from $17.00 to $16.00 and set an overweight rating on the stock in a report on Monday, May 4th. Zacks Investment Research downgraded First Midwest Bancorp from a hold rating to a sell rating in a report on Wednesday. BidaskClub cut First Midwest Bancorp from a sell rating to a strong sell rating in a research note on Friday, June 26th. SunTrust Banks cut their price objective on shares of First Midwest Bancorp from $14.00 to $13.00 and set a hold rating on the stock in a research report on Tuesday, May 19th. Finally, Janney Montgomery Scott reaffirmed a buy rating and issued a $13.50 target price on shares of First Midwest Bancorp in a research report on Sunday, June 21st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $17.50.
Shares of NASDAQ FMBI opened at $12.14 on Wednesday. First Midwest Bancorp has a 52-week low of $10.31 and a 52-week high of $23.64. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.02 and a current ratio of 1.01. The stock has a market cap of $1.39 billion, a P/E ratio of 8.42 and a beta of 1.30. The firm has a 50 day moving average price of $12.85 and a 200 day moving average price of $15.30.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Friday, June 26th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $0.56 annualized dividend and a dividend yield of 4.61%. First Midwest Bancorp’s dividend payout ratio is presently 28.28%.
In related news, EVP R Douglas Rose bought 1,400 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was bought at an average price of $25.00 per share, for a total transaction of $35,000.00. Following the purchase, the executive vice president now owns 1,400 shares in the company, valued at approximately $35,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Blaise Modruson bought 4,000 shares of First Midwest Bancorp stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average cost of $14.64 per share, with a total value of $58,560.00. Following the acquisition, the director now directly owns 9,745 shares in the company, valued at approximately $142,666.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 12,400 shares of company stock worth $268,560. 1.10% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in First Midwest Bancorp by 5.3% during the 1st quarter. BlackRock Inc. now owns 16,048,813 shares of the financial services provider’s stock worth $212,407,000 after buying an additional 813,278 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in First Midwest Bancorp by 30.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 6,973,718 shares of the financial services provider’s stock valued at $92,297,000 after purchasing an additional 1,645,554 shares during the period. State Street Corp increased its holdings in shares of First Midwest Bancorp by 7.7% during the first quarter. State Street Corp now owns 4,348,608 shares of the financial services provider’s stock worth $58,155,000 after purchasing an additional 309,669 shares during the period. Macquarie Group Ltd. raised its position in shares of First Midwest Bancorp by 18.2% in the fourth quarter. Macquarie Group Ltd. now owns 3,763,978 shares of the financial services provider’s stock valued at $86,797,000 after buying an additional 579,403 shares in the last quarter. Finally, Pzena Investment Management LLC boosted its stake in shares of First Midwest Bancorp by 0.5% in the second quarter. Pzena Investment Management LLC now owns 1,894,799 shares of the financial services provider’s stock valued at $25,296,000 after buying an additional 8,889 shares during the period. Institutional investors own 80.65% 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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