DA Davidson Comments on First Midwest Bancorp, Inc.’s Q3 2017 Earnings (FMBI)
First Midwest Bancorp, Inc. (NASDAQ:FMBI) – Analysts at DA Davidson reduced their Q3 2017 earnings per share estimates for First Midwest Bancorp in a research report issued to clients and investors on Tuesday. DA Davidson analyst K. Reevey now forecasts that the financial services provider will post earnings of $0.39 per share for the quarter, down from their prior estimate of $0.40. DA Davidson also issued estimates for First Midwest Bancorp’s Q4 2017 earnings at $0.38 EPS and FY2018 earnings at $1.62 EPS.
A number of other brokerages have also commented on FMBI. Piper Jaffray Companies restated a “buy” rating and set a $26.00 price objective on shares of First Midwest Bancorp in a research report on Wednesday. BidaskClub lowered First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Jefferies Group LLC restated a “buy” rating and set a $27.00 price objective on shares of First Midwest Bancorp in a research report on Sunday, June 11th. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Friday, July 7th. Finally, ValuEngine lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $26.17.
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First Midwest Bancorp (NASDAQ FMBI) opened at 23.00 on Thursday. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 19.73 and a beta of 1.16. First Midwest Bancorp has a one year low of $18.75 and a one year high of $25.83. The stock’s 50 day moving average is $21.88 and its 200 day moving average is $22.66.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $162.53 million during the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same quarter last year, the company posted $0.32 earnings per share.
Institutional investors have recently made changes to their positions in the company. Highbridge Capital Management LLC lifted its holdings in shares of First Midwest Bancorp by 231.2% during the 1st quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock valued at $5,931,000 after buying an additional 174,825 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Midwest Bancorp by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock valued at $57,890,000 after buying an additional 380,112 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of First Midwest Bancorp during the 1st quarter valued at about $7,621,000. Cipher Capital LP lifted its holdings in First Midwest Bancorp by 153.6% in the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after purchasing an additional 50,358 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in First Midwest Bancorp by 146.9% in the 1st quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock worth $20,400,000 after purchasing an additional 512,609 shares during the last quarter. Institutional investors and hedge funds own 80.94% of the company’s stock.
In other news, Director Patrick J. Mcdonnell sold 3,500 shares of First Midwest Bancorp stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the sale, the director now directly owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.69% of the stock is owned by insiders.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.74%. First Midwest Bancorp’s dividend payout ratio is 34.19%.
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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