First Midwest Bancorp Inc (NASDAQ:FMBI) Chairman Michael L. Scudder sold 8,554 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $26.26, for a total value of $224,628.04. Following the completion of the sale, the chairman now owns 81,720 shares in the company, valued at approximately $2,145,967.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of First Midwest Bancorp Inc (NASDAQ FMBI) opened at $25.90 on Tuesday. First Midwest Bancorp Inc has a 52-week low of $20.50 and a 52-week high of $26.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $2,715.28, a PE ratio of 26.98, a P/E/G ratio of 2.19 and a beta of 1.16.
First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. The business had revenue of $154.24 million for the quarter, compared to the consensus estimate of $162.84 million. During the same quarter in the previous year, the company earned $0.32 EPS. research analysts forecast that First Midwest Bancorp Inc will post 1.72 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Friday, March 23rd will be paid a dividend of $0.11 per share. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Thursday, March 22nd. First Midwest Bancorp’s dividend payout ratio is 41.67%.
Hedge funds have recently bought and sold shares of the stock. Zions Bancorporation acquired a new position in First Midwest Bancorp during the 3rd quarter worth approximately $112,000. Quantbot Technologies LP acquired a new position in First Midwest Bancorp during the 3rd quarter worth approximately $118,000. CIBC Asset Management Inc acquired a new position in First Midwest Bancorp during the 3rd quarter worth approximately $201,000. Victory Capital Management Inc. raised its stake in First Midwest Bancorp by 38.8% during the 3rd quarter. Victory Capital Management Inc. now owns 10,915 shares of the financial services provider’s stock worth $256,000 after buying an additional 3,053 shares during the period. Finally, Xact Kapitalforvaltning AB acquired a new position in First Midwest Bancorp during the 4th quarter worth approximately $289,000. 83.68% of the stock is currently owned by institutional investors and hedge funds.
FMBI has been the topic of a number of analyst reports. BidaskClub upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. Sandler O’Neill set a $26.00 price target on First Midwest Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 3rd. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Friday, January 12th. Piper Jaffray Companies restated a “buy” rating and set a $29.00 target price on shares of First Midwest Bancorp in a research report on Tuesday, January 9th. Finally, Jefferies Group restated a “buy” rating and set a $28.00 target price on shares of First Midwest Bancorp in a research report on Friday, December 8th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $26.67.
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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.
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