BidaskClub Upgrades First Midwest Bancorp (FMBI) to “Buy”

First Midwest Bancorp (NASDAQ:FMBI) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued research reports about the company. Jefferies Group reissued a “buy” rating and issued a $28.00 price target on shares of First Midwest Bancorp in a research note on Friday, December 8th. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Friday, January 12th. Piper Jaffray Companies restated a “buy” rating and set a $29.00 target price on shares of First Midwest Bancorp in a research report on Tuesday, January 9th. Sandler O’Neill set a $26.00 target price on First Midwest Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 3rd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a research report on Thursday, October 26th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. First Midwest Bancorp presently has a consensus rating of “Buy” and an average target price of $26.67.

Shares of First Midwest Bancorp (NASDAQ FMBI) traded up $0.12 on Friday, reaching $24.15. The company’s stock had a trading volume of 744,012 shares, compared to its average volume of 661,388. The firm has a market cap of $2,490.00, a PE ratio of 25.16, a PEG ratio of 1.99 and a beta of 1.18. The company has a current ratio of 0.97, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $26.48.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). The company had revenue of $154.24 million during the quarter, compared to analyst estimates of $162.84 million. First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. During the same period in the previous year, the company posted $0.32 EPS. equities analysts forecast that First Midwest Bancorp will post 1.73 earnings per share for the current fiscal year.

In related news, Director Robert P. Omeara sold 50,000 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.69% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in FMBI. Pinebridge Investments L.P. lifted its holdings in shares of First Midwest Bancorp by 4.3% in the third quarter. Pinebridge Investments L.P. now owns 56,412 shares of the financial services provider’s stock valued at $1,321,000 after purchasing an additional 2,341 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of First Midwest Bancorp by 6.3% during the fourth quarter. Louisiana State Employees Retirement System now owns 44,200 shares of the financial services provider’s stock valued at $1,061,000 after acquiring an additional 2,600 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of First Midwest Bancorp by 38.8% during the third quarter. Victory Capital Management Inc. now owns 10,915 shares of the financial services provider’s stock valued at $256,000 after acquiring an additional 3,053 shares during the last quarter. Zions Bancorporation purchased a new stake in shares of First Midwest Bancorp during the third quarter valued at approximately $112,000. Finally, Piedmont Investment Advisors LLC increased its position in shares of First Midwest Bancorp by 27.5% during the third 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 last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.

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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.

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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