First Midwest Bancorp, Inc. (FMBI) Declares $0.10 Quarterly Dividend
First Midwest Bancorp, Inc. (NASDAQ:FMBI) announced a quarterly dividend on Friday, August 18th, Wall Street Journal reports. Investors of record on Friday, September 29th will be paid a dividend of 0.10 per share by the financial services provider on Tuesday, October 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, September 28th.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded down 0.19% during midday trading on Friday, hitting $20.79. 555,738 shares of the company were exchanged. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 17.83 and a beta of 1.14. First Midwest Bancorp has a one year low of $18.65 and a one year high of $25.83. The firm’s 50 day moving average price is $22.67 and its 200 day moving average price is $23.26.
First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (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 firm had revenue of $162.53 million during the quarter, compared to the consensus estimate of $164.02 million. During the same quarter in the previous year, the company earned $0.32 EPS. Analysts forecast that First Midwest Bancorp will post $1.30 EPS for the current fiscal year.
In related news, Director Thomas Lynn Brown purchased 3,000 shares of First Midwest Bancorp stock in a transaction that occurred on Tuesday, June 13th. The stock was bought at an average price of $24.06 per share, for a total transaction of $72,180.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $72,180. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.69% of the stock is currently owned by corporate insiders.
FMBI has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $25.00 to $26.00 in a research note on Monday, July 24th. BidaskClub lowered shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. FIG Partners upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Friday, May 19th. Finally, Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research report on Sunday, June 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $26.17.
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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