First Midwest (FMBI) Rolls Out Share-Buyback Plan Worth $200M
Zacks Investment Research | Feb 26, 2020 09:48PM ET
First Midwest Bancorp, Inc. (NASDAQ:FMBI) continues to reward its shareholders through dividend hikes or additional share repurchases. The company recently announced a new share-buyback plan, with authorization to repurchase common shares worth $200 million, effective until Dec 31, 2021.
Notably, the latest authorization replaces the prior share-repurchase program expected to expire by the end of March 2020. Notably, under the previous program, which was authorized to buy back shares worth $180 million, First Midwest repurchased $44.9 million of shares.
First Midwest has also been paying quarterly dividends, along with regular hikes. Since 2011, the company has raised its dividend eight times. Its dividend was last hiked in January 2020 by 17% to 14 cents per share.
First Midwest has rallied 2.7% in the last six months compared with the Original post
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