First Midwest Bancorp (NASDAQ:FMBI) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a sell rating in a report published on Thursday, Zacks.com reports.

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 commented on FMBI. BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. FIG Partners reaffirmed an outperform rating on shares of Southern First Bancshares in a research note on Thursday, May 16th. Finally, Raymond James cut shares of 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. The stock presently has an average rating of Hold and a consensus target price of $26.08.

Shares of NASDAQ FMBI opened at $20.62 on Thursday. The firm has a market cap of $2.20 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.24. First Midwest Bancorp has a 12 month low of $18.10 and a 12 month high of $27.70. The stock’s 50 day moving average price is $20.41. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.55.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $175.04 million for the quarter, compared to analysts’ expectations of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. On average, equities analysts forecast that First Midwest Bancorp will post 1.94 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Friday, June 28th were given a dividend of $0.14 per share. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, June 27th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.72%. First Midwest Bancorp’s dividend payout ratio (DPR) is 33.53%.

In other First Midwest Bancorp news, Director Arsdell Stephen C. Van bought 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 16,500 shares of the company’s stock, valued at approximately $331,815. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.10% of the company’s stock.

Several large investors have recently made changes to their positions in FMBI. Hennessy Advisors Inc. acquired a new stake in shares of First Midwest Bancorp during the 2nd quarter worth about $2,252,000. Hexavest Inc. grew its position in First Midwest Bancorp by 126.0% in the 2nd quarter. Hexavest Inc. now owns 13,596 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 7,580 shares in the last quarter. FSI Group LLC acquired a new position in First Midwest Bancorp in the 1st quarter valued at about $210,000. CNA Financial Corp grew its position in First Midwest Bancorp by 20.7% in the 1st quarter. CNA Financial Corp now owns 40,260 shares of the financial services provider’s stock valued at $824,000 after acquiring an additional 6,915 shares in the last quarter. Finally, BlackRock Inc. grew its position in First Midwest Bancorp by 6.6% in the 1st quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock valued at $319,430,000 after acquiring an additional 963,616 shares in the last quarter. Hedge funds and other 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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