First Midwest Bancorp, Inc. (FMBI) Announces Quarterly Earnings Results
First Midwest Bancorp, Inc. (NASDAQ:FMBI) released its quarterly earnings data on Tuesday. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01, Bloomberg Earnings reports. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same period in the prior year, the firm earned $0.32 earnings per share.
Shares of First Midwest Bancorp (NASDAQ FMBI) traded up 0.34% during midday trading on Tuesday, hitting $23.33. 405,417 shares of the stock traded hands. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 20.01 and a beta of 1.15. The firm has a 50-day moving average price of $22.77 and a 200 day moving average price of $22.67. First Midwest Bancorp has a one year low of $18.75 and a one year high of $25.83.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. First Midwest Bancorp’s dividend payout ratio (DPR) is 34.19%.
In other news, Director Patrick J. Mcdonnell sold 3,500 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the sale, the director now owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.69% of the stock is currently owned by insiders.
FMBI has been the subject of several research analyst reports. BidaskClub upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Friday, July 7th. Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $25.00 to $26.00 in a research note on Monday, July 24th. FIG Partners downgraded shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $26.00 to $25.00 in a research note on Thursday, July 27th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $27.00 price objective on shares of First Midwest Bancorp in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. First Midwest Bancorp has an average rating of “Hold” and an average price target of $26.17.
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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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