First Midwest Bancorp, Inc. (FMBI) Rating Increased 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 report issued on Wednesday.
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 research analysts have also recently issued reports on the company. Jefferies Group LLC reissued a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research note on Friday, August 11th. Piper Jaffray Companies reissued a “buy” rating and issued a $26.00 target price on shares of First Midwest Bancorp in a research note on Wednesday, October 4th. ValuEngine raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $23.00 target price on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Finally, FIG Partners cut First Midwest Bancorp from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $26.00 to $25.00 in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. The business had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. During the same period in the previous year, the firm earned $0.32 earnings per share.
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In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the sale, the director now owns 24,237 shares in the company, valued at $529,578.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.69% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FMBI. BlackRock Inc. raised its holdings in First Midwest Bancorp by 49,897.9% during the first quarter. BlackRock Inc. now owns 10,336,571 shares of the financial services provider’s stock worth $244,770,000 after acquiring an additional 10,315,897 shares in the last quarter. Vanguard Group Inc. raised its holdings in First Midwest Bancorp by 15.1% during the first quarter. Vanguard Group Inc. now owns 7,920,350 shares of the financial services provider’s stock worth $187,554,000 after acquiring an additional 1,037,514 shares in the last quarter. State Street Corp raised its holdings in First Midwest Bancorp by 27.7% during the first quarter. State Street Corp now owns 3,000,830 shares of the financial services provider’s stock worth $71,057,000 after acquiring an additional 650,722 shares in the last quarter. Bank of America Corp DE raised its holdings in First Midwest Bancorp by 146.9% during the first quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock worth $20,400,000 after acquiring an additional 512,609 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in First Midwest Bancorp by 20.1% during the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock worth $62,310,000 after acquiring an additional 446,786 shares in the last quarter. Institutional investors and hedge funds own 80.84% 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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