Shares of First Midwest Bancorp Inc. (NASDAQ:FMBI) have earned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the company. Seven research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $19.25.
Several brokerages have recently commented on FMBI. Jefferies Group restated a “buy” rating and set a $21.00 price target on shares of First Midwest Bancorp in a research note on Thursday, July 7th. Sterne Agee CRT started coverage on First Midwest Bancorp in a research report on Sunday, June 12th. They set a “hold” rating on the stock. Zacks Investment Research downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 6th. Piper Jaffray Cos. started coverage on First Midwest Bancorp in a research report on Friday, June 10th. They set a “neutral” rating and a $19.00 price objective on the stock. Finally, Macquarie raised First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th.
A number of large investors have recently modified their holdings of the company. Schroder Investment Management Group acquired a new stake in shares of First Midwest Bancorp during the second quarter valued at $20,081,000. Emerald Acquisition Ltd. purchased a new stake in First Midwest Bancorp during the second quarter worth approximately $11,697,000. Norges Bank purchased a new stake in First Midwest Bancorp during the fourth quarter worth approximately $11,555,000. Teachers Advisors Inc. increased its stake in First Midwest Bancorp by 295.2% in the first quarter. Teachers Advisors Inc. now owns 778,365 shares of the financial services provider’s stock worth $14,026,000 after buying an additional 581,401 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in First Midwest Bancorp by 7.2% in the second quarter. Dimensional Fund Advisors LP now owns 6,811,462 shares of the financial services provider’s stock worth $119,607,000 after buying an additional 458,739 shares during the period. 82.14% of the stock is owned by institutional investors and hedge funds.
First Midwest Bancorp (NASDAQ:FMBI) opened at 19.36 on Thursday. The firm has a 50 day moving average of $19.31 and a 200-day moving average of $18.41. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 18.60 and a beta of 1.39. First Midwest Bancorp has a 1-year low of $14.56 and a 1-year high of $19.90.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a return on equity of 7.72% and a net margin of 16.58%. During the same quarter last year, the company earned $0.29 EPS. On average, equities research analysts anticipate that First Midwest Bancorp will post $1.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.86%. The ex-dividend date is Wednesday, September 28th. First Midwest Bancorp’s dividend payout ratio is presently 34.29%.
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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