First Midwest Bancorp Inc (NASDAQ:FMBI) – Equities research analysts at SunTrust Banks upped their Q1 2018 earnings estimates for First Midwest Bancorp in a report released on Monday. SunTrust Banks analyst M. Young now expects that the financial services provider will post earnings per share of $0.42 for the quarter, up from their previous estimate of $0.35. SunTrust Banks also issued estimates for First Midwest Bancorp’s Q3 2018 earnings at $0.49 EPS.
First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating 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 business had revenue of $163.24 million for the quarter, compared to analyst estimates of $164.81 million. During the same quarter last year, the business earned $0.32 earnings per share.
Other analysts have also issued research reports about the stock. ValuEngine upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Jefferies Group restated a “buy” rating and set a $28.00 price target on shares of First Midwest Bancorp in a research report on Friday, December 8th. Piper Jaffray Companies restated a “buy” rating and set a $26.00 price target on shares of First Midwest Bancorp in a research report on Wednesday, October 4th. Sandler O’Neill set a $26.00 price target on shares of First Midwest Bancorp and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Finally, Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. 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 stock. The company presently has an average rating of “Hold” and an average target price of $26.17.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up $0.17 during midday trading on Tuesday, hitting $24.67. 675,400 shares of the stock traded hands, compared to its average volume of 584,250. First Midwest Bancorp has a 1-year low of $20.50 and a 1-year high of $25.86. The firm has a market capitalization of $2,530.00, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 2.21 and a beta of 1.17. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its stake in First Midwest Bancorp by 10.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 397,411 shares of the financial services provider’s stock worth $9,264,000 after purchasing an additional 37,828 shares during the period. Legal & General Group Plc raised its stake in First Midwest Bancorp by 15.3% during the second quarter. Legal & General Group Plc now owns 165,161 shares of the financial services provider’s stock worth $3,850,000 after purchasing an additional 21,869 shares during the period. Victory Capital Management Inc. raised its stake in 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 during the period. Neuberger Berman Group LLC raised its stake in First Midwest Bancorp by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 10,303 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 77 shares during the period. Finally, Pacad Investment Ltd. raised its stake in 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 during the period. Hedge funds and other institutional investors own 81.33% of the company’s stock.
In related news, Director Robert P. Omeara sold 50,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $24.56, for a total transaction of $1,228,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.69% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.62%. First Midwest Bancorp’s payout ratio is presently 33.61%.
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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.
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