Shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) have received an average recommendation of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $18.60.
Several research analysts recently commented on the company. Raymond James boosted their target price on First Midwest Bancorp from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, March 15th. Stephens cut First Midwest Bancorp from an “overweight” rating to an “equal weight” rating and set a $19.00 target price for the company. in a research note on Wednesday, February 10th. Finally, Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Friday, March 5th.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd lifted its holdings in First Midwest Bancorp by 238.2% during the 3rd quarter. Point72 Hong Kong Ltd now owns 2,611 shares of the financial services provider’s stock worth $28,000 after buying an additional 1,839 shares during the last quarter. Vantage Consulting Group Inc purchased a new stake in shares of First Midwest Bancorp in the 4th quarter valued at about $30,000. Captrust Financial Advisors lifted its holdings in shares of First Midwest Bancorp by 297.4% in the 4th quarter. Captrust Financial Advisors now owns 2,007 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,502 shares during the last quarter. Toronto Dominion Bank purchased a new stake in shares of First Midwest Bancorp in the 4th quarter valued at about $41,000. Finally, Veriti Management LLC purchased a new stake in shares of First Midwest Bancorp in the 4th quarter valued at about $84,000. 79.29% of the stock is owned by institutional investors.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Monday, January 25th. The financial services provider reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.14. First Midwest Bancorp had a return on equity of 6.02% and a net margin of 14.29%. The firm had revenue of $175.83 million during the quarter, compared to analysts’ expectations of $180.30 million. Analysts forecast that First Midwest Bancorp will post 1.02 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 13th. Shareholders of record on Friday, March 26th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Thursday, March 25th. First Midwest Bancorp’s dividend payout ratio (DPR) is 28.28%.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured and unsecured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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