First Midwest Bancorp (NASDAQ:FMBI) – Stock analysts at Jefferies Group dropped their Q1 2018 earnings estimates for First Midwest Bancorp in a note issued to investors on Wednesday, April 4th. Jefferies Group analyst C. Haire now expects that the financial services provider will post earnings of $0.36 per share for the quarter, down from their prior forecast of $0.38. Jefferies Group also issued estimates for First Midwest Bancorp’s FY2018 earnings at $1.71 EPS.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). The firm had revenue of $154.24 million for the quarter, compared to analyst estimates of $162.84 million. First Midwest Bancorp had a return on equity of 7.69% and a net margin of 14.59%. During the same quarter in the prior year, the company earned $0.32 earnings per share.
Other equities research analysts have also issued reports about the company. Raymond James Financial upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Wednesday, March 28th. Piper Jaffray restated a “buy” rating and set a $29.00 price target on shares of First Midwest Bancorp in a research note on Tuesday, January 9th. Zacks Investment Research lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. BidaskClub upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Finally, UBS upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Wednesday, March 28th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $26.67.
Shares of NASDAQ:FMBI opened at $24.30 on Friday. The stock has a market cap of $2,569.01, a price-to-earnings ratio of 18.00, a PEG ratio of 2.09 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. First Midwest Bancorp has a 12 month low of $20.50 and a 12 month high of $26.55.
Several hedge funds have recently bought and sold shares of FMBI. Fuller & Thaler Asset Management Inc. grew its stake in shares of First Midwest Bancorp by 74.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,690,454 shares of the financial services provider’s stock valued at $64,598,000 after buying an additional 1,146,492 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of First Midwest Bancorp in the fourth quarter valued at about $8,905,000. Peregrine Capital Management LLC acquired a new stake in shares of First Midwest Bancorp in the fourth quarter valued at about $7,993,000. BlackRock Inc. grew its stake in shares of First Midwest Bancorp by 1.7% in the fourth quarter. BlackRock Inc. now owns 13,178,497 shares of the financial services provider’s stock valued at $316,416,000 after buying an additional 214,263 shares in the last quarter. Finally, Highbridge Capital Management LLC grew its stake in First Midwest Bancorp by 98.0% during the 3rd quarter. Highbridge Capital Management LLC now owns 396,000 shares of the financial services provider’s stock valued at $9,274,000 after purchasing an additional 196,000 shares in the last quarter. Institutional investors and hedge funds own 83.68% of the company’s stock.
In other news, Director Robert P. Omeara sold 5,000 shares of the stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $26.50, for a total value of $132,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert P. Omeara sold 5,200 shares of the stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $26.50, for a total value of $137,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,382 shares of company stock valued at $2,388,662. Insiders own 1.69% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Stockholders of record on Friday, March 23rd will be paid a $0.11 dividend. The ex-dividend date is Thursday, March 22nd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.81%. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.10. First Midwest Bancorp’s dividend payout ratio (DPR) is 32.59%.
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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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