Jefferies Group Analysts Boost Earnings Estimates for First Midwest Bancorp Inc (FMBI)

First Midwest Bancorp Inc (NASDAQ:FMBI) – Investment analysts at Jefferies Group boosted their FY2017 earnings estimates for shares of First Midwest Bancorp in a research note issued to investors on Tuesday. Jefferies Group analyst C. Haire now anticipates that the financial services provider will post earnings per share of $1.39 for the year, up from their previous forecast of $1.38. Jefferies Group currently has a “Buy” rating and a $28.00 price target on the stock. Jefferies Group also issued estimates for First Midwest Bancorp’s Q1 2018 earnings at $0.37 EPS, Q2 2018 earnings at $0.42 EPS, Q3 2018 earnings at $0.45 EPS and Q4 2018 earnings at $0.44 EPS.

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, topping the Zacks’ consensus estimate of $0.36 by $0.01. The firm had revenue of $163.24 million for the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. During the same period in the prior year, the business posted $0.32 earnings per share.

Several other research analysts have also recently issued reports on FMBI. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Friday. Piper Jaffray Companies reiterated a “buy” rating and set a $29.00 target price on shares of First Midwest Bancorp in a report on Tuesday. ValuEngine upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. First Midwest Bancorp currently has an average rating of “Hold” and a consensus price target of $26.67.

First Midwest Bancorp (NASDAQ FMBI) opened at $26.14 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. First Midwest Bancorp has a 1-year low of $20.50 and a 1-year high of $26.16. The stock has a market cap of $2,690.00, a PE ratio of 21.97, a price-to-earnings-growth ratio of 2.21 and a beta of 1.17.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 9th. Shareholders of record on Friday, December 22nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, December 21st. First Midwest Bancorp’s payout ratio is 33.61%.

In other First Midwest Bancorp news, Director Robert P. Omeara sold 50,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.69% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its position in shares of First Midwest Bancorp by 8.5% during the second quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock valued at $261,312,000 after buying an additional 873,753 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of First Midwest Bancorp by 13.1% during the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock valued at $208,804,000 after buying an additional 1,037,378 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Midwest Bancorp by 3.3% during the third quarter. Dimensional Fund Advisors LP now owns 6,075,566 shares of the financial services provider’s stock valued at $142,290,000 after buying an additional 192,379 shares during the last quarter. State Street Corp lifted its position in shares of First Midwest Bancorp by 21.5% during the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after buying an additional 644,968 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of First Midwest Bancorp by 20.1% during the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock valued at $62,310,000 after buying an additional 446,786 shares during the last quarter. Institutional investors own 81.33% of the company’s stock.

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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.

Earnings History and Estimates for First Midwest Bancorp (NASDAQ:FMBI)

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