First Midwest Bancorp, Inc. (FMBI) Raised to “Hold” at Zacks Investment Research

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.

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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.

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