First Midwest Bancorp Inc. (FMBI) Releases Quarterly Earnings Results, Meets Expectations
First Midwest Bancorp Inc. (NASDAQ:FMBI) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. First Midwest Bancorp had a net margin of 16.58% and a return on equity of 7.72%. During the same period in the previous year, the firm posted $0.30 earnings per share.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded up 1.27% on Tuesday, reaching $19.18. 454,712 shares of the company’s stock were exchanged. First Midwest Bancorp has a one year low of $14.56 and a one year high of $19.90. The firm has a market capitalization of $1.56 billion, a P/E ratio of 18.42 and a beta of 1.30. The firm has a 50 day moving average of $19.36 and a 200 day moving average of $18.52.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th were paid a dividend of $0.09 per share. The ex-dividend date was Wednesday, September 28th. This represents a $0.36 dividend on an annualized basis and a yield of 1.88%. First Midwest Bancorp’s payout ratio is 34.29%.
Several hedge funds and other institutional investors have recently bought and sold shares of FMBI. Arizona State Retirement System raised its position in First Midwest Bancorp by 5.2% in the second quarter. Arizona State Retirement System now owns 42,245 shares of the financial services provider’s stock valued at $742,000 after buying an additional 2,100 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $768,000. Cubist Systematic Strategies LLC acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $500,000. Paloma Partners Management Co acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $315,000. Finally, Nomura Holdings Inc. acquired a new position in First Midwest Bancorp during the second quarter valued at approximately $334,000. 82.14% of the stock is owned by institutional investors and hedge funds.
FMBI has been the subject of several research reports. Jefferies Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of First Midwest Bancorp in a research report on Thursday, July 7th. Zacks Investment Research raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, July 1st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of First Midwest Bancorp in a research report on Wednesday, October 12th. Finally, Macquarie upgraded shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research note on Thursday, June 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $19.36.
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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