First Midwest Bancorp, Inc. (FMBI) Cut to Sell at Zacks Investment Research
First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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. “
FMBI has been the topic of several other reports. Piper Jaffray Companies raised First Midwest Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the company from $25.00 to $26.00 in a research report on Monday, July 24th. BidaskClub downgraded First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research report on Sunday, June 11th. Finally, FIG Partners downgraded First Midwest Bancorp from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $26.00 to $25.00 in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. First Midwest Bancorp presently has an average rating of “Hold” and an average target price of $26.17.
First Midwest Bancorp (NASDAQ FMBI) traded up 1.30% during midday trading on Thursday, hitting $23.30. The stock had a trading volume of 568,003 shares. The stock has a market capitalization of $2.39 billion, a PE ratio of 19.98 and a beta of 1.16. First Midwest Bancorp has a 1-year low of $18.75 and a 1-year high of $25.83. The stock’s 50-day moving average is $21.88 and its 200-day moving average is $22.66.
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 (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the company posted $0.32 earnings per share. On average, equities research analysts anticipate that First Midwest Bancorp will post $1.30 EPS for the current fiscal year.
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In other First Midwest Bancorp 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 sale, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.69% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Highbridge Capital Management LLC increased its holdings in shares of First Midwest Bancorp by 231.2% during the 1st quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock worth $5,931,000 after buying an additional 174,825 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of First Midwest Bancorp by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of First Midwest Bancorp during the 1st quarter worth approximately $7,621,000. Cipher Capital LP increased its holdings in shares of First Midwest Bancorp by 153.6% during the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after buying an additional 50,358 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of First Midwest Bancorp by 146.9% during the 1st quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock worth $20,400,000 after buying an additional 512,609 shares during the last quarter. Institutional investors and hedge funds own 80.94% of the company’s stock.
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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