The Jefferies Group Weighs in on First Midwest Bancorp Inc.’s FY2016 Earnings (FMBI)

The Jefferies Group Weighs in on First Midwest Bancorp Inc.’s FY2016 Earnings (FMBI)

First Midwest Bancorp Inc. (NASDAQ:FMBI) – Equities research analysts at Jefferies Group cut their FY2016 earnings estimates for First Midwest Bancorp in a note issued to investors on Friday. Jefferies Group analyst E. Harmon now anticipates that the firm will post earnings per share of $1.23 for the year, down from their previous forecast of $1.25. Jefferies Group has a “Buy” rating and a $21.00 price objective on the stock. Jefferies Group also issued estimates for First Midwest Bancorp’s FY2018 earnings at $1.55 EPS.

First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. First Midwest Bancorp had a return on equity of 7.72% and a net margin of 16.58%. During the same period in the prior year, the company earned $0.29 EPS.

Other research analysts have also issued reports about the company. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Friday, July 1st. Sterne Agee CRT began coverage on First Midwest Bancorp in a research report on Sunday, June 12th. They issued a “hold” rating on the stock. Finally, Macquarie upgraded First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 30th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. First Midwest Bancorp has a consensus rating of “Hold” and a consensus price target of $19.36.

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First Midwest Bancorp (NASDAQ:FMBI) opened at 19.49 on Monday. The firm has a 50-day moving average price of $19.37 and a 200-day moving average price of $18.46. First Midwest Bancorp has a 52 week low of $14.56 and a 52 week high of $19.90. The stock has a market cap of $1.58 billion, a P/E ratio of 18.72 and a beta of 1.30.

Hedge funds have recently modified their holdings of the company. IFP Advisors Inc increased its stake in shares of First Midwest Bancorp by 0.3% in the first quarter. IFP Advisors Inc now owns 8,907 shares of the financial services provider’s stock valued at $161,000 after buying an additional 23 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of First Midwest Bancorp by 0.4% in the first quarter. Glenmede Trust Co. NA now owns 25,786 shares of the financial services provider’s stock valued at $462,000 after buying an additional 110 shares during the last quarter. Raymond James & Associates increased its stake in shares of First Midwest Bancorp by 0.8% in the second quarter. Raymond James & Associates now owns 21,416 shares of the financial services provider’s stock valued at $376,000 after buying an additional 167 shares during the last quarter. US Bancorp DE increased its stake in shares of First Midwest Bancorp by 0.6% in the second quarter. US Bancorp DE now owns 44,452 shares of the financial services provider’s stock valued at $780,000 after buying an additional 250 shares during the last quarter. Finally, PineBridge Investments L.P. increased its stake in shares of First Midwest Bancorp by 7.8% in the second quarter. PineBridge Investments L.P. now owns 10,314 shares of the financial services provider’s stock valued at $181,000 after buying an additional 743 shares during the last quarter. 82.14% of the stock is currently owned by institutional investors and hedge funds.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Friday, September 30th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 28th. First Midwest Bancorp’s payout ratio is presently 34.29%.

First Midwest Bancorp Company Profile

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