First Midwest Bancorp Inc. (NASDAQ:FMBI) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, meeting 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 last year, the company earned $0.30 EPS.
First Midwest Bancorp (NASDAQ:FMBI) opened at 19.18 on Wednesday. The stock has a market cap of $1.56 billion, a PE ratio of 18.42 and a beta of 1.30. The firm has a 50-day moving average of $19.35 and a 200-day moving average of $18.52. First Midwest Bancorp has a 1-year low of $14.56 and a 1-year high of $19.90.
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 $0.09 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.36 dividend on an annualized basis and a yield of 1.88%. First Midwest Bancorp’s dividend payout ratio is presently 34.29%.
Several research firms have recently issued reports on FMBI. Zacks Investment Research lowered shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, October 10th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of First Midwest Bancorp in a research report on Wednesday, October 12th. Jefferies Group reissued a “buy” rating and issued a $21.00 price target on shares of First Midwest Bancorp in a research report on Thursday, July 7th. Finally, Macquarie raised shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $19.36.
Several hedge funds have recently made changes to their positions in the stock. Rothschild Investment Corp IL bought a new stake in shares of First Midwest Bancorp during the third quarter worth about $277,000. Nisa Investment Advisors LLC increased its position in First Midwest Bancorp by 1.1% in the third quarter. Nisa Investment Advisors LLC now owns 71,100 shares of the financial services provider’s stock worth $1,376,000 after buying an additional 800 shares during the last quarter. Foundry Partners LLC increased 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 worth $7,570,000 after buying an additional 18,405 shares during the last quarter. Macquarie Group Ltd. increased 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 worth $39,917,000 after buying an additional 75,185 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new position in First Midwest Bancorp during the second quarter worth about $334,000. 82.14% of the stock is currently owned by hedge funds and other institutional investors.
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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