SunTrust Banks Inc. initiated coverage on shares of First Midwest Bancorp Inc. (NASDAQ:FMBI) in a report issued on Tuesday morning. The brokerage issued a buy rating and a $28.00 target price on the financial services provider’s stock.
Other research analysts have also issued research reports about the stock. Jefferies Group reaffirmed a buy rating and issued a $28.00 price target on shares of First Midwest Bancorp in a research note on Sunday, December 11th. Zacks Investment Research downgraded shares of First Midwest Bancorp from a buy rating to a hold rating in a report on Tuesday, September 6th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating on shares of First Midwest Bancorp in a report on Wednesday, October 12th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. First Midwest Bancorp currently has a consensus rating of Hold and an average target price of $22.19.
Shares of First Midwest Bancorp (NASDAQ:FMBI) opened at 25.18 on Tuesday. First Midwest Bancorp has a one year low of $14.56 and a one year high of $25.34. The firm has a 50-day moving average of $23.47 and a 200-day moving average of $19.93. The company has a market capitalization of $2.05 billion, a P/E ratio of 22.87 and a beta of 1.24.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. First Midwest Bancorp had a net margin of 16.72% and a return on equity of 7.71%. During the same period last year, the company earned $0.30 EPS. Equities research analysts expect that First Midwest Bancorp will post $1.21 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 10th. Investors of record on Friday, December 23rd will be issued a dividend of $0.09 per share. The ex-dividend date is Wednesday, December 21st. This represents a $0.36 dividend on an annualized basis and a yield of 1.43%. First Midwest Bancorp’s payout ratio is 32.73%.
In related news, Director Robert P. Omeara sold 20,200 shares of the business’s stock in a transaction on Monday, November 28th. The shares were sold at an average price of $24.08, for a total transaction of $486,416.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kathryn Hayley acquired 16,000 shares of the firm’s stock in a transaction on Thursday, October 27th. The stock was bought at an average price of $19.40 per share, for a total transaction of $310,400.00. The disclosure for this purchase can be found here. Corporate insiders own 2.48% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its position in First Midwest Bancorp by 77.3% in the second quarter. Victory Capital Management Inc. now owns 5,833 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,544 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in First Midwest Bancorp during the third quarter valued at approximately $124,000. PineBridge Investments L.P. increased its position in 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 in the last quarter. Neuberger Berman Group LLC bought a new position in First Midwest Bancorp during the second quarter valued at approximately $186,000. Finally, Tower Research Capital LLC TRC increased its position in First Midwest Bancorp by 1,223.9% in the second quarter. Tower Research Capital LLC TRC now owns 10,975 shares of the financial services provider’s stock valued at $193,000 after buying an additional 10,146 shares in the last quarter. Hedge funds and other institutional investors own 82.19% of the company’s stock.
First Midwest Bancorp Company Profile