Jefferies Group Weighs in on First Midwest Bancorp Inc.’s FY2016 Earnings (FMBI)
First Midwest Bancorp Inc. (NASDAQ:FMBI) – Stock analysts at Jefferies Group lowered their FY2016 earnings estimates for First Midwest Bancorp in a report issued on Friday. Jefferies Group analyst E. Harmon now anticipates that the brokerage will earn $1.23 per share for the year, down from their prior forecast of $1.25. Jefferies Group currently has a “Buy” rating and a $21.00 price objective on the stock. Jefferies Group also issued estimates for First Midwest Bancorp’s FY2018 earnings at $1.55 EPS.
Other equities analysts have also issued research reports about the stock. Sterne Agee CRT began coverage on shares of First Midwest Bancorp in a research report on Sunday, June 12th. They set a “hold” rating for the company. Zacks Investment Research lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 6th. Finally, Macquarie upgraded shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. First Midwest Bancorp presently has a consensus rating of “Hold” and a consensus target price of $19.36.
Shares of First Midwest Bancorp (NASDAQ:FMBI) opened at 19.49 on Monday. First Midwest Bancorp has a 12 month low of $14.56 and a 12 month high of $19.90. The company has a market cap of $1.58 billion, a PE ratio of 18.72 and a beta of 1.30. The firm’s 50-day moving average is $19.37 and its 200-day moving average is $18.46.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a net margin of 16.58% and a return on equity of 7.72%. During the same quarter in the previous year, the company earned $0.29 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.36 annualized dividend and a yield of 1.85%. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 34.29%.
A number of institutional investors have recently added to or reduced their stakes in FMBI. Foundry Partners LLC raised its position in First Midwest Bancorp by 4.9% in the third quarter. Foundry Partners LLC now owns 391,024 shares of the financial services provider’s stock valued at $7,570,000 after buying an additional 18,405 shares during the period. Macquarie Group Ltd. raised its position in First Midwest Bancorp by 3.4% in the second quarter. Macquarie Group Ltd. now owns 2,273,163 shares of the financial services provider’s stock valued at $39,917,000 after buying an additional 75,185 shares during the period. Nomura Holdings Inc. acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $334,000. Mason Street Advisors LLC acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $279,000. Finally, Royal Bank of Canada raised its position in First Midwest Bancorp by 60.9% in the second quarter. Royal Bank of Canada now owns 67,239 shares of the financial services provider’s stock valued at $1,181,000 after buying an additional 25,448 shares during the period. Institutional investors and hedge funds own 82.14% 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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