First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
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 topic of several other reports. Jefferies Group LLC restated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a research report on Friday, August 11th. BidaskClub lowered First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Piper Jaffray Companies upgraded First Midwest Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $25.00 to $26.00 in a research report on Monday, July 24th. Finally, FIG Partners lowered First Midwest Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $26.00 to $25.00 in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. First Midwest Bancorp presently has an average rating of “Hold” and a consensus price target of $26.17.
Shares of First Midwest Bancorp (NASDAQ FMBI) traded up 1.30% during midday trading on Thursday, hitting $23.30. The stock had a trading volume of 568,003 shares. The firm has a market capitalization of $2.39 billion, a PE ratio of 19.98 and a beta of 1.16. The firm’s 50-day moving average price is $21.88 and its 200-day moving average price is $22.66. First Midwest Bancorp has a one year low of $18.75 and a one year high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. The company had revenue of $162.53 million during the quarter, compared to the consensus estimate of $164.02 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. On average, equities analysts predict that First Midwest Bancorp will post $1.30 EPS for the current year.
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In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of First Midwest Bancorp stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the transaction, the director now directly owns 24,237 shares in the company, valued at $529,578.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.69% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Highbridge Capital Management LLC lifted its holdings in First Midwest Bancorp by 231.2% during the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock worth $5,931,000 after acquiring an additional 174,825 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in First Midwest Bancorp by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after acquiring an additional 380,112 shares in the last quarter. Citadel Advisors LLC bought a new position in First Midwest Bancorp during the first quarter worth about $7,621,000. Cipher Capital LP lifted its holdings in First Midwest Bancorp by 153.6% during the second quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after acquiring an additional 50,358 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in First Midwest Bancorp by 146.9% during the first quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock worth $20,400,000 after acquiring an additional 512,609 shares in the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.
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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