First Midwest Bancorp, Inc. (NASDAQ:FMBI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, September 11th.
According to Zacks, “FIRST MIDWEST BANCORP, INC. is a multi-bank holding company engaged in commercial banking, trust, investment management, insurance, mortgage origination and servicing activities. “
Several other research firms have also recently commented on FMBI. Jefferies Group LLC restated a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research note on Sunday, June 11th. BidaskClub upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $25.00 to $26.00 in a research note on Monday, July 24th. FIG Partners cut shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $26.00 to $25.00 in a research note on Thursday, July 27th. Finally, ValuEngine cut shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $26.17.
First Midwest Bancorp (FMBI) traded up 0.13% on Monday, reaching $22.57. 81,928 shares of the company were exchanged. First Midwest Bancorp has a 52 week low of $18.75 and a 52 week high of $25.83. The stock has a 50-day moving average price of $21.47 and a 200 day moving average price of $22.74. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 19.36 and a beta of 1.15.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The business had revenue of $162.53 million for the quarter, compared to analyst estimates of $164.02 million. First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. During the same quarter in the prior year, the company earned $0.32 EPS. Analysts forecast that First Midwest Bancorp will post $1.30 earnings per share for the current year.
COPYRIGHT VIOLATION WARNING: This news story was originally published by BBNS and is owned by of BBNS. If you are viewing this news story on another website, it was illegally stolen and republished in violation of United States & international trademark and copyright law. The legal version of this news story can be viewed at https://baseballnewssource.com/markets/first-midwest-bancorp-inc-fmbi-raised-to-hold-at-zacks-investment-research/1635171.html.
In other news, Director Patrick J. Mcdonnell sold 3,500 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.69% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. MPS Loria Financial Planners LLC purchased a new position in shares of First Midwest Bancorp in the 2nd quarter valued at about $235,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of First Midwest Bancorp in the 2nd quarter valued at about $213,000. Verition Fund Management LLC purchased a new position in shares of First Midwest Bancorp in the 2nd quarter valued at about $271,000. Piedmont Investment Advisors LLC purchased a new position in shares of First Midwest Bancorp in the 2nd quarter valued at about $409,000. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of First Midwest Bancorp by 194.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 21,977 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 14,505 shares in the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Midwest Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp Inc. and related companies with our FREE daily email newsletter.