A number of other research firms have also weighed in on FMBI. Piper Jaffray Companies set a $26.00 target price on First Midwest Bancorp and gave the stock a buy rating in a research note on Friday, January 25th. Zacks Investment Research raised First Midwest Bancorp from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Friday, January 4th. Stephens reaffirmed a hold rating and set a $24.00 target price on shares of First Midwest Bancorp in a report on Wednesday, December 19th. Finally, Raymond James cut First Midwest Bancorp from an outperform rating to a market perform rating in a research report on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $26.08.
FMBI stock traded down $0.40 during trading on Friday, reaching $21.02. 325,172 shares of the company were exchanged, compared to its average volume of 472,717. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.52 and a beta of 1.25. First Midwest Bancorp has a twelve month low of $18.10 and a twelve month high of $27.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, March 21st. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 28.74%.
In related news, Director Kathryn Hayley acquired 7,000 shares of the stock in a transaction on Thursday, January 24th. The shares were bought at an average price of $21.51 per share, with a total value of $150,570.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael L. Scudder sold 30,000 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $23.31, for a total value of $699,300.00. Following the completion of the transaction, the chief executive officer now directly owns 97,784 shares in the company, valued at approximately $2,279,345.04. The disclosure for this sale can be found here. Insiders own 1.47% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc increased its holdings in First Midwest Bancorp by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 10,293,600 shares of the financial services provider’s stock worth $273,707,000 after purchasing an additional 155,942 shares during the period. Vestor Capital LLC increased its holdings in shares of First Midwest Bancorp by 18.6% in the 3rd quarter. Vestor Capital LLC now owns 6,521 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 1,021 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of First Midwest Bancorp in the 4th quarter valued at about $99,000. Bank of New York Mellon Corp increased its holdings in shares of First Midwest Bancorp by 3.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,140,054 shares of the financial services provider’s stock valued at $56,905,000 after acquiring an additional 77,340 shares during the last quarter. Finally, Teachers Advisors LLC increased its holdings in shares of First Midwest Bancorp by 14.8% in the 3rd quarter. Teachers Advisors LLC now owns 219,251 shares of the financial services provider’s stock valued at $5,830,000 after acquiring an additional 28,197 shares during the last quarter. Institutional investors own 82.16% 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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