First Midwest Bancorp Inc (NASDAQ:FMBI) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 3,760,000 shares, a growth of 12.2% from the December 15th total of 3,350,000 shares. Based on an average daily volume of 512,200 shares, the days-to-cover ratio is currently 7.3 days. Approximately 3.5% of the company’s stock are short sold.
FMBI has been the topic of several recent research reports. BidaskClub cut shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research cut shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Stephens raised shares of First Midwest Bancorp from an “equal” rating to an “overweight” rating and raised their price target for the company from $21.00 to $23.00 in a research report on Tuesday, October 8th. Finally, ValuEngine raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. First Midwest Bancorp currently has an average rating of “Hold” and an average target price of $23.67.
NASDAQ FMBI traded up $0.23 during trading hours on Thursday, hitting $22.35. The company’s stock had a trading volume of 82,015 shares, compared to its average volume of 504,370. First Midwest Bancorp has a 52 week low of $18.29 and a 52 week high of $23.68. The company has a market capitalization of $2.46 billion, a PE ratio of 13.38 and a beta of 1.29. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.81. The company’s 50-day simple moving average is $22.59 and its two-hundred day simple moving average is $20.77.
First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.03. First Midwest Bancorp had a net margin of 22.55% and a return on equity of 9.51%. The firm had revenue of $193.74 million for the quarter, compared to analysts’ expectations of $191.95 million. During the same quarter last year, the firm earned $0.46 EPS. Research analysts anticipate that First Midwest Bancorp will post 1.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Friday, December 20th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $0.56 annualized dividend and a dividend yield of 2.51%. First Midwest Bancorp’s dividend payout ratio is currently 33.53%.
Several institutional investors have recently bought and sold shares of FMBI. NumerixS Investment Technologies Inc grew its position in shares of First Midwest Bancorp by 47.3% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,725 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 875 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of First Midwest Bancorp by 2.7% during the 2nd quarter. LPL Financial LLC now owns 36,039 shares of the financial services provider’s stock worth $738,000 after acquiring an additional 947 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Midwest Bancorp by 17.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,002 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 1,026 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in shares of First Midwest Bancorp by 3.7% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 33,140 shares of the financial services provider’s stock worth $646,000 after acquiring an additional 1,180 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of First Midwest Bancorp by 1.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 97,758 shares of the financial services provider’s stock worth $2,001,000 after acquiring an additional 1,269 shares during the last quarter. 82.31% of the stock is currently owned by hedge funds and other institutional investors.
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.
Further Reading: Risk Tolerance
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