First Midwest Bancorp Inc (NASDAQ:FMBI) – Equities research analysts at Jefferies Financial Group reduced their Q4 2018 earnings per share estimates for shares of First Midwest Bancorp in a research report issued on Monday, October 8th. Jefferies Financial Group analyst C. Haire now anticipates that the financial services provider will post earnings per share of $0.45 for the quarter, down from their prior estimate of $0.47.
Several other research analysts also recently commented on FMBI. BidaskClub raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 22nd. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, July 18th. Sandler O’Neill reissued a “hold” rating and issued a $28.50 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $30.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Finally, Piper Jaffray Companies increased their price objective on First Midwest Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.50.
NASDAQ FMBI opened at $25.16 on Thursday. First Midwest Bancorp has a one year low of $22.03 and a one year high of $27.70. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $2.74 billion, a P/E ratio of 19.17, a PEG ratio of 2.28 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. First Midwest Bancorp had a return on equity of 7.83% and a net margin of 15.12%. The firm had revenue of $165.39 million during the quarter, compared to the consensus estimate of $161.80 million. During the same period in the prior year, the company earned $0.35 EPS. The firm’s revenue was up .7% compared to the same quarter last year.
Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp increased its stake in shares of First Midwest Bancorp by 54.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,062,714 shares of the financial services provider’s stock worth $52,537,000 after acquiring an additional 730,815 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of First Midwest Bancorp by 10.1% in the 2nd quarter. California Public Employees Retirement System now owns 254,670 shares of the financial services provider’s stock worth $6,486,000 after acquiring an additional 23,341 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of First Midwest Bancorp by 458,482.6% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,027,225 shares of the financial services provider’s stock worth $26,164,000 after acquiring an additional 1,027,001 shares during the last quarter. Millennium Management LLC increased its stake in shares of First Midwest Bancorp by 12.8% in the 2nd quarter. Millennium Management LLC now owns 1,442,074 shares of the financial services provider’s stock worth $36,730,000 after acquiring an additional 164,131 shares during the last quarter. Finally, Raymond James & Associates increased its stake in shares of First Midwest Bancorp by 32.7% in the 2nd quarter. Raymond James & Associates now owns 67,644 shares of the financial services provider’s stock worth $1,723,000 after acquiring an additional 16,651 shares during the last quarter. 82.45% of the stock is owned by institutional investors and hedge funds.
In other First Midwest Bancorp news, Director Thomas M. Prame sold 2,250 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $27.07, for a total value of $60,907.50. Following the completion of the sale, the director now directly owns 38,524 shares of the company’s stock, valued at approximately $1,042,844.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.47% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Friday, September 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.75%. The ex-dividend date was Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio is currently 32.59%.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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