Piper Jaffray Companies Analysts Give First Midwest Bancorp (FMBI) a $26.00 Price Target

Piper Jaffray Companies set a $26.00 price objective on First Midwest Bancorp (NASDAQ:FMBI) in a report issued on Friday morning. The brokerage currently has a buy rating on the financial services provider’s stock. Piper Jaffray Companies also issued estimates for First Midwest Bancorp’s FY2020 earnings at $2.11 EPS.

Several other equities analysts have also issued reports on FMBI. Zacks Investment Research raised First Midwest Bancorp from a hold rating to a buy rating and set a $29.00 target price on the stock in a research note on Wednesday, July 18th. BidaskClub lowered First Midwest Bancorp from a buy rating to a hold rating in a research note on Saturday, June 30th. Raymond James set a $25.00 target price on First Midwest Bancorp and gave the stock a buy rating in a research note on Thursday. Sandler O’Neill reissued a hold rating and set a $28.50 target price on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $30.00 target price on shares of First Midwest Bancorp in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $27.92.

FMBI opened at $21.76 on Friday. First Midwest Bancorp has a 12-month low of $21.25 and a 12-month high of $27.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.66. The stock has a market cap of $2.24 billion, a P/E ratio of 14.22, a PEG ratio of 1.87 and a beta of 1.15.



First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, October 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. First Midwest Bancorp had a return on equity of 8.22% and a net margin of 17.04%. The firm had revenue of $167.69 million for the quarter, compared to analyst estimates of $168.87 million. During the same quarter in the prior year, the company earned $0.37 EPS. Equities analysts forecast that First Midwest Bancorp will post 1.66 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio is currently 32.59%.

In other First Midwest Bancorp news, Director Thomas M. Prame sold 2,250 shares of the stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $27.07, for a total value of $60,907.50. Following the sale, the director now owns 38,524 shares of the company’s stock, valued at approximately $1,042,844.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.47% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Piedmont Investment Advisors LLC raised its position in First Midwest Bancorp by 9.1% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 24,011 shares of the financial services provider’s stock valued at $612,000 after purchasing an additional 1,994 shares in the last quarter. Pinebridge Investments L.P. raised its position in First Midwest Bancorp by 1.4% in the 2nd quarter. Pinebridge Investments L.P. now owns 153,553 shares of the financial services provider’s stock valued at $3,911,000 after purchasing an additional 2,154 shares in the last quarter. Victory Capital Management Inc. raised its position in First Midwest Bancorp by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 16,378 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 2,246 shares in the last quarter. Rothschild Asset Management Inc. raised its position in First Midwest Bancorp by 0.5% in the 2nd quarter. Rothschild Asset Management Inc. now owns 514,853 shares of the financial services provider’s stock valued at $13,113,000 after purchasing an additional 2,719 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in First Midwest Bancorp by 3.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 92,296 shares of the financial services provider’s stock valued at $2,352,000 after purchasing an additional 3,100 shares in the last quarter. 82.75% of the stock is currently owned by institutional investors.

First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc operates as a bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans and lines of credit; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.

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Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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