First Midwest Bancorp Inc (NASDAQ:FMBI) – SunTrust Banks boosted their Q1 2018 EPS estimates for shares of First Midwest Bancorp in a report issued on Monday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will post earnings per share of $0.42 for the quarter, up from their previous forecast of $0.35. SunTrust Banks also issued estimates for First Midwest Bancorp’s Q3 2018 earnings at $0.49 EPS.
Several other equities analysts have also recently weighed in on FMBI. ValuEngine raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $29.00 price objective on shares of First Midwest Bancorp in a report on Tuesday. Sandler O’Neill set a $26.00 price target on First Midwest Bancorp and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $23.00 price target on shares of First Midwest Bancorp in a report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. First Midwest Bancorp has a consensus rating of “Hold” and an average price target of $26.17.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The firm had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same period in the previous year, the firm earned $0.32 EPS.
Large investors have recently made changes to their positions in the company. Pacad Investment Ltd. raised its stake in First Midwest Bancorp by 41.9% during the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after buying an additional 1,300 shares during the period. Zions Bancorporation acquired a new position in First Midwest Bancorp during the 3rd quarter worth approximately $112,000. Quantbot Technologies LP acquired a new position in First Midwest Bancorp during the 3rd quarter worth approximately $118,000. Riverhead Capital Management LLC raised its stake in First Midwest Bancorp by 40.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after buying an additional 1,800 shares during the period. Finally, Victory Capital Management Inc. raised its stake in First Midwest Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock worth $183,000 after buying an additional 1,179 shares during the period. 81.33% of the stock is currently owned by institutional investors.
In related news, Director Robert P. Omeara sold 50,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.69% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.59%. First Midwest Bancorp’s dividend payout ratio is currently 33.61%.
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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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