First Midwest Bancorp (NASDAQ:FMBI) Cut to Hold at Raymond James

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Raymond James downgraded shares of First Midwest Bancorp (NASDAQ:FMBI) to a hold rating in a research report released on Monday morning, Stock Target Advisor reports.

Other equities analysts have also issued research reports about the company. FIG Partners restated an outperform rating on shares of Southern First Bancshares in a research note on Thursday, May 16th. BidaskClub upgraded Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. First Midwest Bancorp currently has a consensus rating of Hold and an average price target of $26.08.

First Midwest Bancorp stock opened at $20.47 on Monday. The business’s fifty day moving average is $20.39. First Midwest Bancorp has a one year low of $18.10 and a one year high of $27.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.53 and a beta of 1.24.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. First Midwest Bancorp had a return on equity of 9.33% and a net margin of 22.44%. The firm had revenue of $175.04 million for the quarter, compared to analyst estimates of $175.47 million. During the same quarter last year, the company earned $0.33 EPS. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that First Midwest Bancorp will post 1.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Friday, June 28th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Thursday, June 27th. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s dividend payout ratio (DPR) is 33.53%.

In related news, Director Arsdell Stephen C. Van acquired 2,500 shares of the stock in a transaction on Friday, May 17th. The shares were purchased at an average price of $20.11 per share, for a total transaction of $50,275.00. Following the purchase, the director now directly owns 16,500 shares in the company, valued at $331,815. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Boston Partners increased its stake in shares of First Midwest Bancorp by 13.6% in the 1st quarter. Boston Partners now owns 1,009,815 shares of the financial services provider’s stock valued at $20,661,000 after purchasing an additional 120,807 shares during the last quarter. Legal & General Group Plc increased its stake in shares of First Midwest Bancorp by 4.9% in the 4th quarter. Legal & General Group Plc now owns 251,600 shares of the financial services provider’s stock valued at $4,979,000 after purchasing an additional 11,829 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of First Midwest Bancorp by 11.1% in the 4th quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock valued at $23,726,000 after purchasing an additional 119,855 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of First Midwest Bancorp by 5.9% in the 4th quarter. Martingale Asset Management L P now owns 82,145 shares of the financial services provider’s stock valued at $1,628,000 after purchasing an additional 4,583 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of First Midwest Bancorp in the 4th quarter valued at $1,122,000. Institutional investors own 81.30% 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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