First Midwest Bancorp, Inc. (FMBI) Downgraded by Zacks Investment Research to Sell
First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research 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 also recently weighed in on FMBI. Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a research report on Friday. FIG Partners downgraded shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating and cut their price target for the company from $26.00 to $25.00 in a research report on Thursday, July 27th. BidaskClub downgraded shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their price target for the company from $25.00 to $26.00 in a research report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $26.17.
Shares of First Midwest Bancorp (NASDAQ:FMBI) traded down 0.93% during trading on Tuesday, hitting $21.27. 401,575 shares of the stock traded hands. The company has a 50 day moving average of $22.78 and a 200-day moving average of $23.29. The company has a market cap of $2.19 billion, a PE ratio of 18.24 and a beta of 1.14. First Midwest Bancorp has a 1-year low of $18.65 and a 1-year high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $162.53 million during the quarter, compared to analyst estimates of $164.02 million. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same quarter in the prior year, the business earned $0.32 earnings per share. On average, equities analysts anticipate that First Midwest Bancorp will post $1.30 EPS for the current fiscal year.
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In other First Midwest Bancorp news, Director Thomas Lynn Brown bought 3,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was acquired at an average cost of $24.06 per share, with a total value of $72,180.00. Following the purchase, the director now owns 3,000 shares in the company, valued at $72,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.69% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Pacad Investment Ltd. boosted its stake in First Midwest Bancorp by 41.9% in the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after buying an additional 1,300 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in First Midwest Bancorp by 40.9% in the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after buying an additional 1,800 shares during the last quarter. Victory Capital Management Inc. boosted its stake in First Midwest Bancorp by 13.6% in the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after buying an additional 801 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in First Midwest Bancorp during the first quarter worth about $177,000. Finally, Envestnet Asset Management Inc. boosted its stake in First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after buying an additional 136 shares during the last quarter. 80.26% of the stock is owned by institutional investors and hedge funds.
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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