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 Wednesday, November 1st.
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. “
A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $23.00 price target on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Piper Jaffray Companies restated a “buy” rating and issued a $26.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, October 4th. ValuEngine upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and set a $27.00 target price on shares of First Midwest Bancorp in a research note on Friday, August 11th. Finally, BidaskClub lowered shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. First Midwest Bancorp currently has an average rating of “Hold” and an average price target of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) traded up $0.45 on Wednesday, hitting $23.92. 522,121 shares of the stock were exchanged, compared to its average volume of 772,268. The stock has a market capitalization of $2,411.05, a price-to-earnings ratio of 17.01, a P/E/G ratio of 2.38 and a beta of 1.15. First Midwest Bancorp has a 12 month low of $20.50 and a 12 month high of $25.83. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $163.24 million during the quarter, compared to analyst estimates of $164.81 million. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. During the same quarter in the previous year, the firm earned $0.32 earnings per share. analysts forecast that First Midwest Bancorp will post 1.41 earnings per share for the current year.
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In other news, Director Patrick J. Mcdonnell sold 3,500 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares of the company’s stock, valued at $529,578.45. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.69% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in First Midwest Bancorp by 8.5% in the second quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock worth $261,312,000 after purchasing an additional 873,753 shares during the period. Vanguard Group Inc. lifted its holdings in First Midwest Bancorp by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock worth $208,804,000 after purchasing an additional 1,037,378 shares during the period. Dimensional Fund Advisors LP lifted its holdings in First Midwest Bancorp by 3.3% in the third quarter. Dimensional Fund Advisors LP now owns 6,075,566 shares of the financial services provider’s stock worth $142,290,000 after purchasing an additional 192,379 shares during the period. State Street Corp lifted its holdings in First Midwest Bancorp by 21.5% in the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock worth $84,982,000 after purchasing an additional 644,968 shares during the period. Finally, Northern Trust Corp lifted its holdings in First Midwest Bancorp by 20.1% in the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock worth $62,310,000 after purchasing an additional 446,786 shares during the period. 80.91% of the stock is owned by institutional investors and hedge funds.
First Midwest Bancorp Company Profile
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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