First Midwest Bancorp (NASDAQ:FMBI) Cut to “Sell” at Zacks Investment Research
According to Zacks, “FIRST MIDWEST BANCORP, INC. is a multi-bank holding company engaged in commercial banking, trust, investment management, insurance, mortgage origination and servicing activities. “
A number of other brokerages have also recently weighed in on FMBI. BidaskClub upgraded Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. FIG Partners reiterated an outperform rating on shares of Southern First Bancshares in a research note on Thursday, May 16th. Finally, Raymond James cut First Midwest Bancorp to a hold rating in a research note on Monday, July 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $26.08.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share for the quarter, beating 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 company had revenue of $175.04 million during the quarter, compared to analysts’ expectations of $175.47 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Research analysts predict that First Midwest Bancorp will post 1.94 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Friday, June 28th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.56 dividend on an annualized basis and a yield of 2.72%. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s payout ratio is currently 33.53%.
In other news, Director Arsdell Stephen C. Van acquired 2,500 shares of First Midwest Bancorp stock in a transaction on Friday, May 17th. The stock was bought at an average price of $20.11 per share, for a total transaction of $50,275.00. Following the completion of the purchase, the director now owns 16,500 shares in the company, valued at $331,815. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Hennessy Advisors Inc. purchased a new position in First Midwest Bancorp during the second quarter worth about $2,252,000. Hexavest Inc. lifted its position in First Midwest Bancorp by 126.0% during the second quarter. Hexavest Inc. now owns 13,596 shares of the financial services provider’s stock worth $278,000 after buying an additional 7,580 shares during the period. FSI Group LLC purchased a new position in First Midwest Bancorp during the first quarter worth about $210,000. CNA Financial Corp lifted its position in First Midwest Bancorp by 20.7% during the first quarter. CNA Financial Corp now owns 40,260 shares of the financial services provider’s stock worth $824,000 after buying an additional 6,915 shares during the period. Finally, BlackRock Inc. lifted its position in First Midwest Bancorp by 6.6% during the first quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock worth $319,430,000 after buying an additional 963,616 shares during the period. 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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