First Midwest Bancorp, Inc. (NASDAQ:FMBI) Director Thomas Lynn Brown purchased 3,000 shares of the stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average price of $24.06 per share, with a total value of $72,180.00. Following the completion of the acquisition, the director now owns 3,000 shares in the company, valued at approximately $72,180. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
First Midwest Bancorp, Inc. (FMBI) traded down 0.88% during midday trading on Friday, reaching $23.64. The company’s stock had a trading volume of 538,185 shares. The company has a 50 day moving average of $22.83 and a 200-day moving average of $23.85. The company has a market capitalization of $2.66 billion, a P/E ratio of 20.99 and a beta of 1.19. First Midwest Bancorp, Inc. has a 1-year low of $15.86 and a 1-year high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. First Midwest Bancorp had a return on equity of 7.91% and a net margin of 16.73%. The company had revenue of $155.15 million during the quarter, compared to the consensus estimate of $162 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. Equities research analysts anticipate that First Midwest Bancorp, Inc. will post $1.34 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 11th. Investors of record on Friday, June 30th will be paid a $0.10 dividend. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date is Wednesday, June 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. First Midwest Bancorp’s payout ratio is 31.58%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in First Midwest Bancorp by 49,897.9% in the first quarter. BlackRock Inc. now owns 10,336,571 shares of the financial services provider’s stock valued at $244,770,000 after buying an additional 10,315,897 shares during the period. Vanguard Group Inc. boosted its position in First Midwest Bancorp by 15.1% in the first quarter. Vanguard Group Inc. now owns 7,920,350 shares of the financial services provider’s stock valued at $187,554,000 after buying an additional 1,037,514 shares during the period. Bank of New York Mellon Corp boosted its position in First Midwest Bancorp by 87.1% in the first quarter. Bank of New York Mellon Corp now owns 2,103,451 shares of the financial services provider’s stock valued at $49,808,000 after buying an additional 979,512 shares during the period. Cambiar Investors LLC acquired a new position in First Midwest Bancorp during the first quarter valued at approximately $19,478,000. Finally, Norges Bank acquired a new position in First Midwest Bancorp during the fourth quarter valued at approximately $19,012,000. Institutional investors and hedge funds own 73.66% of the company’s stock.
FMBI has been the topic of several research reports. Jefferies Group LLC reissued a “buy” rating and set a $27.00 target price on shares of First Midwest Bancorp in a research note on Sunday, June 11th. BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. FIG Partners raised First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Friday, May 19th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $25.00 target price on shares of First Midwest Bancorp in a research note on Wednesday, April 12th. Finally, Zacks Investment Research lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $26.75.
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.
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