First Midwest Bancorp (NASDAQ:FMBI) was upgraded by equities researchers at FIG Partners from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, The Fly reports.
Other equities research analysts also recently issued research reports about the company. Piper Jaffray Companies set a $26.00 price target on First Midwest Bancorp and gave the stock a “buy” rating in a research report on Friday, January 25th. BidaskClub upgraded First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $26.08.
Shares of NASDAQ:FMBI opened at $20.53 on Thursday. The company has a market cap of $2.15 billion, a P/E ratio of 12.29, a P/E/G ratio of 1.46 and a beta of 1.25. First Midwest Bancorp has a 1 year low of $18.10 and a 1 year high of $27.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 0.97.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $175.04 million for the quarter, compared to the consensus estimate of $175.47 million. First Midwest Bancorp had a return on equity of 9.33% and a net margin of 22.44%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, analysts anticipate that First Midwest Bancorp will post 1.95 EPS for the current fiscal year.
In other First Midwest Bancorp news, CEO Michael L. Scudder sold 30,000 shares of the company’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $23.31, for a total transaction of $699,300.00. Following the completion of the sale, the chief executive officer now directly owns 97,784 shares in the company, valued at $2,279,345.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank bought a new position in shares of First Midwest Bancorp in the 4th quarter valued at $25,000. NumerixS Investment Technologies Inc grew its holdings in First Midwest Bancorp by 100.0% during the 1st quarter. NumerixS Investment Technologies Inc now owns 1,850 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 925 shares during the period. Oregon Public Employees Retirement Fund acquired a new stake in First Midwest Bancorp during the 4th quarter worth about $40,000. Meeder Asset Management Inc. acquired a new stake in First Midwest Bancorp during the 4th quarter worth about $99,000. Finally, Fifth Third Bancorp acquired a new stake in First Midwest Bancorp during the 1st quarter worth about $103,000. Institutional investors own 82.25% of the company’s stock.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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