First Midwest Bancorp (NASDAQ:FMBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $29.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.94% from the stock’s current price.

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 subject of several other research reports. ValuEngine raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Piper Jaffray Companies reissued a “buy” rating and issued a $29.00 price objective on shares of First Midwest Bancorp in a research note on Tuesday. Sandler O’Neill set a $26.00 price objective on shares of First Midwest Bancorp and gave the company a “hold” rating in a research note on Wednesday, January 3rd. Jefferies Group reissued a “buy” rating and issued a $28.00 price objective on shares of First Midwest Bancorp in a research note on Friday, December 8th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $23.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. First Midwest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $26.67.

Shares of First Midwest Bancorp (NASDAQ FMBI) traded up $0.40 during trading hours on Friday, reaching $26.14. 852,930 shares of the company traded hands, compared to its average volume of 632,789. The company has a market cap of $2,690.00, a P/E ratio of 21.97, a price-to-earnings-growth ratio of 2.21 and a beta of 1.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $26.16.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The business had revenue of $163.24 million during the quarter, compared to the consensus estimate 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 prior year, the firm earned $0.32 EPS. equities analysts predict that First Midwest Bancorp will post 1.41 earnings per share for the current fiscal year.

In other First Midwest Bancorp news, Director Robert P. Omeara sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $24.56, for a total value of $1,228,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Piedmont Investment Advisors LLC increased its position in First Midwest Bancorp by 27.5% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 22,379 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 4,827 shares during the period. California Public Employees Retirement System increased its position in First Midwest Bancorp by 2.5% in the 3rd quarter. California Public Employees Retirement System now owns 211,151 shares of the financial services provider’s stock valued at $4,945,000 after acquiring an additional 5,151 shares during the period. Highbridge Capital Management LLC increased its position in First Midwest Bancorp by 98.0% in the 3rd quarter. Highbridge Capital Management LLC now owns 396,000 shares of the financial services provider’s stock valued at $9,274,000 after acquiring an additional 196,000 shares during the period. Zions Bancorporation acquired a new position in First Midwest Bancorp in the 3rd quarter valued at approximately $112,000. Finally, Jane Street Group LLC acquired a new position in First Midwest Bancorp in the 3rd quarter valued at approximately $557,000. Hedge funds and other institutional investors own 81.33% of the company’s stock.

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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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