First Midwest Bancorp, Inc. (NASDAQ:FMBI) Receives Average Rating of “Buy” from Analysts
Shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) have earned an average recommendation of “Buy” from the seven ratings firms that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $18.60.
A number of brokerages have recently weighed in on FMBI. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Friday, March 5th. Raymond James increased their price objective on First Midwest Bancorp from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, March 15th. Finally, Stephens lowered First Midwest Bancorp from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective on the stock. in a report on Wednesday, February 10th.
A number of institutional investors have recently bought and sold shares of FMBI. Point72 Hong Kong Ltd grew its holdings in First Midwest Bancorp by 238.2% during the third quarter. Point72 Hong Kong Ltd now owns 2,611 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 1,839 shares during the period. Vantage Consulting Group Inc acquired a new stake in First Midwest Bancorp during the fourth quarter worth about $30,000. Captrust Financial Advisors grew its holdings in First Midwest Bancorp by 297.4% during the fourth quarter. Captrust Financial Advisors now owns 2,007 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 1,502 shares during the period. Toronto Dominion Bank acquired a new stake in First Midwest Bancorp during the fourth quarter worth about $41,000. Finally, Veriti Management LLC acquired a new stake in First Midwest Bancorp in the fourth quarter valued at approximately $84,000. 79.29% of the stock is currently owned by hedge funds and other institutional investors.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Monday, January 25th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.14. The company had revenue of $175.83 million during the quarter, compared to analysts’ expectations of $180.30 million. First Midwest Bancorp had a return on equity of 6.02% and a net margin of 14.29%. As a group, equities research analysts expect that First Midwest Bancorp will post 1.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 13th. Investors of record on Friday, March 26th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, March 25th. First Midwest Bancorp’s dividend payout ratio (DPR) is 28.28%.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured and unsecured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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