Piper Jaffray Companies reissued their buy rating on shares of First Midwest Bancorp (NASDAQ:FMBI) in a research report released on Tuesday morning. They currently have a $29.00 price objective on the financial services provider’s stock.
Several other equities analysts have also issued reports on FMBI. Keefe, Bruyette & Woods reiterated a hold rating and set a $23.00 target price on shares of First Midwest Bancorp in a report on Thursday, October 26th. Jefferies Group reiterated a buy rating and set a $28.00 target price on shares of First Midwest Bancorp in a report on Friday, December 8th. Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the company a hold rating in a report on Wednesday, January 3rd. Zacks Investment Research upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a report on Wednesday, November 1st. Finally, ValuEngine upgraded shares of First Midwest Bancorp from a hold rating to a buy rating in a report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $26.17.
First Midwest Bancorp (FMBI) traded up $0.40 during trading on Tuesday, reaching $26.14. The company’s stock had a trading volume of 852,930 shares, compared to its average volume of 632,789. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $2,690.00, a PE ratio of 21.97, a price-to-earnings-growth ratio of 2.21 and a beta of 1.17. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $26.16.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 9th. Stockholders of record on Friday, December 22nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.53%. First Midwest Bancorp’s payout ratio is 33.61%.
In other news, Director Robert P. Omeara sold 50,000 shares of First Midwest Bancorp stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $24.56, for a total transaction of $1,228,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.69% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Pacad Investment Ltd. raised its holdings in First Midwest Bancorp by 41.9% in the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 1,300 shares during the last quarter. Zions Bancorporation purchased a new position in First Midwest Bancorp in the 3rd quarter worth approximately $112,000. Quantbot Technologies LP purchased a new position in First Midwest Bancorp in the 3rd quarter worth approximately $118,000. Riverhead Capital Management LLC raised its holdings in First Midwest Bancorp by 40.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in First Midwest Bancorp by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock worth $183,000 after acquiring an additional 1,179 shares during the last quarter. Hedge funds and other institutional investors own 81.33% of the company’s stock.
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First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.
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