First Midwest Bancorp, Inc. (FMBI) Receives $26.20 Average Price Target from Brokerages
Shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) have been given a consensus recommendation of “Hold” by the eight ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $26.20.
Several research analysts have recently commented on FMBI shares. BidaskClub lowered shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research note on Sunday, June 11th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Friday, July 7th. ValuEngine lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, FIG Partners lowered shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $26.00 to $25.00 in a research note on Thursday, July 27th.
Shares of First Midwest Bancorp (NASDAQ FMBI) traded up 1.98% during mid-day trading on Friday, hitting $22.11. 705,884 shares of the stock traded hands. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 18.96 and a beta of 1.15. First Midwest Bancorp has a 52 week low of $18.75 and a 52 week high of $25.83. The stock has a 50-day moving average of $21.57 and a 200-day moving average of $22.85.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. The business had revenue of $162.53 million for the quarter, compared to analyst estimates of $164.02 million. During the same quarter last year, the company earned $0.32 EPS. Analysts anticipate that First Midwest Bancorp will post $1.30 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.81%. First Midwest Bancorp’s payout ratio is presently 34.19%.
A number of large investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new position in First Midwest Bancorp in the 2nd quarter valued at $213,000. Verition Fund Management LLC acquired a new position in First Midwest Bancorp in the 2nd quarter valued at $271,000. Piedmont Investment Advisors LLC acquired a new position in First Midwest Bancorp in the 2nd quarter valued at $409,000. Ameritas Investment Partners Inc. grew its stake in First Midwest Bancorp by 194.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 21,977 shares of the financial services provider’s stock valued at $512,000 after buying an additional 14,505 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in First Midwest Bancorp by 2.9% in the 2nd quarter. California State Teachers Retirement System now owns 181,021 shares of the financial services provider’s stock valued at $4,220,000 after buying an additional 5,108 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.
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About First Midwest Bancorp
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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