First Midwest Bancorp’s (FMBI) “Buy” Rating Reaffirmed at Jefferies Group

Jefferies Group reissued their buy rating on shares of First Midwest Bancorp (NASDAQ:FMBI) in a research note published on Friday. The firm currently has a $28.00 price objective on the financial services provider’s stock.

A number of other equities research analysts also recently commented on FMBI. Zacks Investment Research downgraded First Midwest Bancorp from a hold rating to a sell rating in a report on Tuesday, August 15th. ValuEngine downgraded First Midwest Bancorp from a buy rating to a hold rating in a report on Friday, September 1st. Piper Jaffray Companies restated a buy rating and issued a $26.00 price target on shares of First Midwest Bancorp in a report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $23.00 price target on shares of First Midwest Bancorp in a report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. First Midwest Bancorp has a consensus rating of Hold and an average price target of $26.00.

First Midwest Bancorp (NASDAQ:FMBI) traded up $0.03 during midday trading on Friday, reaching $24.63. The company had a trading volume of 471,745 shares, compared to its average volume of 563,686. The company has a market capitalization of $2,527.13, a P/E ratio of 17.83, a PEG ratio of 2.49 and a beta of 1.17. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $25.86.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $163.24 million during the quarter, compared to the consensus estimate of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same quarter in the prior year, the company posted $0.32 earnings per share. equities research analysts predict that First Midwest Bancorp will post 1.41 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 9th. Shareholders of record on Friday, December 22nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.62%. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 33.61%.

In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the sale, the director now directly owns 24,237 shares in the company, valued at $529,578.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.69% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund boosted its position in shares of First Midwest Bancorp by 23.9% during the second quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock worth $2,545,000 after buying an additional 21,099 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of First Midwest Bancorp by 15.4% during the second quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock worth $4,447,000 after buying an additional 25,470 shares during the period. Bank of New York Mellon Corp boosted its position in shares of First Midwest Bancorp by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares during the period. Prudential Financial Inc. boosted its position in shares of First Midwest Bancorp by 11.1% during the third quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock worth $5,185,000 after buying an additional 22,060 shares during the period. Finally, Cipher Capital LP boosted its position in shares of First Midwest Bancorp by 153.6% during the second quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after buying an additional 50,358 shares during the period. 81.42% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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