Jefferies Group reissued their buy rating on shares of First Midwest Bancorp (NASDAQ:FMBI) in a research note issued to investors on Friday, December 8th. Jefferies Group currently has a $28.00 target price on the financial services provider’s stock.
Several other analysts have also recently commented on FMBI. Zacks Investment Research cut shares of First Midwest Bancorp from a hold rating to a sell rating in a research note on Tuesday, August 15th. ValuEngine cut shares of First Midwest Bancorp from a buy rating to a hold rating in a research report on Friday, September 1st. Piper Jaffray Companies restated a buy rating and set a $26.00 target price on shares of First Midwest Bancorp in a research report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $23.00 target price on shares of First Midwest Bancorp in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $25.60.
Shares of First Midwest Bancorp (FMBI) traded down $0.06 during trading on Friday, reaching $23.95. 727,822 shares of the company’s stock traded hands, compared to its average volume of 608,750. First Midwest Bancorp has a 52 week low of $20.50 and a 52 week high of $25.86. The stock has a market cap of $2,466.52, a P/E ratio of 20.13, a P/E/G ratio of 2.43 and a beta of 1.17. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. The company had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. During the same quarter last year, the business earned $0.32 EPS. sell-side analysts anticipate that First Midwest Bancorp will post 1.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 9th. Investors of record on Friday, December 22nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.67%. First Midwest Bancorp’s payout ratio is 33.61%.
In related news, Director Robert P. Omeara sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $24.56, for a total value of $1,228,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.69% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FMBI. Pacad Investment Ltd. lifted its position in shares of First Midwest Bancorp by 41.9% during the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 1,300 shares in the last quarter. Zions Bancorporation acquired a new position in shares of First Midwest Bancorp during the third quarter worth $112,000. Quantbot Technologies LP acquired a new position in shares of First Midwest Bancorp during the third quarter worth $118,000. Riverhead Capital Management LLC lifted its position in shares of First Midwest Bancorp by 40.9% during the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of First Midwest Bancorp by 17.6% during the second quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock worth $183,000 after purchasing an additional 1,179 shares in the last quarter. Institutional investors own 81.33% of the company’s stock.
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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