Q4 2017 Earnings Estimate for First Midwest Bancorp Inc (FMBI) Issued By Jefferies Group
First Midwest Bancorp Inc (NASDAQ:FMBI) – Stock analysts at Jefferies Group upped their Q4 2017 earnings per share (EPS) estimates for First Midwest Bancorp in a research report issued on Monday. Jefferies Group analyst C. Haire now forecasts that the financial services provider will earn $0.35 per share for the quarter, up from their previous forecast of $0.34. Jefferies Group has a “Buy” rating and a $28.00 price objective on the stock. Jefferies Group also issued estimates for First Midwest Bancorp’s FY2018 earnings at $1.68 EPS and FY2019 earnings at $1.84 EPS.
Several other research firms have also recently commented on FMBI. Piper Jaffray Companies restated a “buy” rating and issued a $29.00 price target on shares of First Midwest Bancorp in a report on Tuesday. Sandler O’Neill set a $26.00 price target on First Midwest Bancorp and gave the company a “hold” rating in a report on Wednesday, January 3rd. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 5th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $23.00 price target on shares of First Midwest Bancorp in a report on Thursday, October 26th. Finally, ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $26.17.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same quarter in the previous year, the business earned $0.32 EPS.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its stake in shares of First Midwest Bancorp by 23.9% in 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 purchasing an additional 21,099 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of 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 valued at $4,447,000 after purchasing an additional 25,470 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of 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 valued at $5,185,000 after purchasing an additional 22,060 shares in the last quarter. State Street Corp lifted its stake in shares of 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 valued at $84,982,000 after purchasing an additional 644,968 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its stake in shares of 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 valued at $31,052,000 after purchasing an additional 47,760 shares in the last quarter. 81.33% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Robert P. Omeara sold 50,000 shares of First Midwest Bancorp stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $24.56, for a total value of $1,228,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.69% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 9th. Stockholders of record on Friday, December 22nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, December 21st. First Midwest Bancorp’s dividend payout ratio is currently 33.61%.
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First Midwest Bancorp Company Profile
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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