First Midwest Bancorp Inc (FMBI) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of First Midwest Bancorp Inc (NASDAQ:FMBI) have been assigned an average recommendation of “Buy” from the eight ratings firms that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $26.67.

FMBI has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $23.00 price target on shares of First Midwest Bancorp in a research report on Thursday, October 26th. BidaskClub lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, January 30th. Jefferies Group reiterated a “buy” rating and set a $28.00 price objective on shares of First Midwest Bancorp in a research note on Friday, December 8th. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Friday, January 12th. Finally, Sandler O’Neill set a $26.00 price objective on First Midwest Bancorp and gave the company a “hold” rating in a research note on Wednesday, January 3rd.

In related news, Director Robert P. Omeara sold 50,000 shares of the business’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.69% of the company’s stock.

Large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund grew its stake in shares of First Midwest Bancorp by 23.9% during the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock valued at $2,545,000 after acquiring an additional 21,099 shares during the period. Parametric Portfolio Associates LLC boosted its stake in First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock worth $4,447,000 after purchasing an additional 25,470 shares during the period. Prudential Financial Inc. boosted its stake in First Midwest Bancorp by 11.1% in the 3rd quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock worth $5,185,000 after purchasing an additional 22,060 shares during the period. State Street Corp boosted its stake in First Midwest Bancorp by 21.5% in the 2nd 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 during the period. Finally, Pzena Investment Management LLC boosted its stake in First Midwest Bancorp by 3.7% in the 3rd quarter. Pzena Investment Management LLC now owns 1,325,864 shares of the financial services provider’s stock worth $31,052,000 after purchasing an additional 47,760 shares during the period. Institutional investors own 80.85% of the company’s stock.

First Midwest Bancorp (NASDAQ FMBI) traded up $0.17 during midday trading on Tuesday, hitting $24.26. 511,917 shares of the stock traded hands, compared to its average volume of 679,326. First Midwest Bancorp has a 12-month low of $20.50 and a 12-month high of $26.48. The stock has a market cap of $2,596.69, a price-to-earnings ratio of 25.00, a P/E/G ratio of 2.09 and a beta of 1.18. The company has a quick ratio of 0.98, a current ratio of 0.97 and a debt-to-equity ratio of 0.49.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. The business had revenue of $154.24 million for the quarter, compared to analysts’ expectations of $162.84 million. During the same period in the previous year, the company earned $0.32 EPS. analysts forecast that First Midwest Bancorp will post 1.73 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.65%. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 41.67%.

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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.

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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