Zacks Investment Research Lowers First Midwest Bancorp (FMBI) to Hold

First Midwest Bancorp (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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 recently weighed in on FMBI. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $23.00 price objective on shares of First Midwest Bancorp in a research report on Thursday, October 26th. Jefferies Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of First Midwest Bancorp in a research report on Friday, December 8th. Sandler O’Neill set a $26.00 price objective on First Midwest Bancorp and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $29.00 price objective on shares of First Midwest Bancorp in a research report on Tuesday, January 9th. Finally, BidaskClub raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $26.67.

First Midwest Bancorp (NASDAQ:FMBI) traded up $0.08 during trading on Tuesday, reaching $24.49. The company’s stock had a trading volume of 357,000 shares, compared to its average volume of 679,680. First Midwest Bancorp has a 52 week low of $20.50 and a 52 week high of $26.48. The company has a quick ratio of 0.98, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. The firm has a market cap of $2,480.61, a PE ratio of 25.51, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18.

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

In other news, Director Robert P. Omeara sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $24.56, for a total value of $1,228,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.69% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund lifted its holdings in shares of First Midwest Bancorp by 23.9% in the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock valued at $2,545,000 after buying an additional 21,099 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in shares of First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock valued at $4,447,000 after buying an additional 25,470 shares during the period. Prudential Financial Inc. lifted its holdings in shares of First Midwest Bancorp by 11.1% in the 3rd quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock valued at $5,185,000 after buying an additional 22,060 shares during the period. State Street Corp lifted its holdings in shares of First Midwest Bancorp by 21.5% in the 2nd quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after buying an additional 644,968 shares during the period. Finally, Pzena Investment Management LLC lifted its holdings in shares of First Midwest Bancorp by 3.7% in the 3rd quarter. Pzena Investment Management LLC now owns 1,325,864 shares of the financial services provider’s stock valued at $31,052,000 after buying an additional 47,760 shares during the period. 80.41% of the stock is owned by institutional investors and hedge funds.

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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.

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