Insider Selling: First Midwest Bancorp Inc (FMBI) Director Sells 50,000 Shares of Stock

First Midwest Bancorp Inc (NASDAQ:FMBI) Director Robert P. Omeara sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Shares of First Midwest Bancorp Inc (NASDAQ FMBI) traded down $0.26 during midday trading on Tuesday, hitting $24.63. 548,400 shares of the stock were exchanged, compared to its average volume of 774,134. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $2,502.48, a PE ratio of 17.65, a PEG ratio of 2.47 and a beta of 1.17. First Midwest Bancorp Inc has a 1 year low of $20.50 and a 1 year high of $25.86.

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 (EPS) for the quarter, topping the Zacks’ 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 net margin of 18.08% and a return on equity of 7.89%. During the same period in the prior year, the company posted $0.32 earnings per share. sell-side analysts expect that First Midwest Bancorp Inc will post 1.41 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 9th. Stockholders of record on Friday, December 22nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.62%. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 33.61%.

FMBI has been the subject of a number of research reports. Jefferies Group reaffirmed a “buy” rating and set a $28.00 target price on shares of First Midwest Bancorp in a report on Friday, December 8th. ValuEngine raised shares of 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 set a $26.00 target price on shares of First Midwest Bancorp in a report on Wednesday, October 4th. Zacks Investment Research raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $26.00.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of First Midwest Bancorp by 8.5% in the second quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock worth $261,312,000 after purchasing an additional 873,753 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of First Midwest Bancorp by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock worth $208,804,000 after purchasing an additional 1,037,378 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of First Midwest Bancorp by 3.3% in the third quarter. Dimensional Fund Advisors LP now owns 6,075,566 shares of the financial services provider’s stock worth $142,290,000 after purchasing an additional 192,379 shares in the last quarter. State Street Corp increased its stake in shares of First Midwest Bancorp by 21.5% in the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock worth $84,982,000 after purchasing an additional 644,968 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of First Midwest Bancorp by 20.1% in the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock worth $62,310,000 after purchasing an additional 446,786 shares in the last quarter. 81.33% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: This piece was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The correct version of this piece can be read at https://www.americanbankingnews.com/2017/12/19/insider-selling-first-midwest-bancorp-inc-fmbi-director-sells-50000-shares-of-stock.html.

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.

Receive News & Ratings for First Midwest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply