First Midwest Bancorp, Inc. (FMBI) Rating Increased to Hold at Zacks Investment Research

First Midwest Bancorp, Inc. (NASDAQ:FMBI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

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 brokerages have also issued reports on FMBI. BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. FIG Partners raised First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Friday, May 19th. Piper Jaffray Companies raised First Midwest Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the company from $25.00 to $26.00 in a research report on Monday, July 24th. ValuEngine lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research report on Sunday, June 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $26.17.

Shares of First Midwest Bancorp (NASDAQ FMBI) opened at 22.11 on Monday. The firm has a market cap of $2.27 billion, a PE ratio of 18.96 and a beta of 1.15. First Midwest Bancorp has a one year low of $18.75 and a one year high of $25.83. The company has a 50-day moving average of $21.57 and a 200 day moving average of $22.85.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $162.53 million for the quarter, compared to analyst estimates of $164.02 million. First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. During the same period last year, the firm posted $0.32 earnings per share. On average, equities research analysts expect that First Midwest Bancorp will post $1.30 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in the business. Pacad Investment Ltd. raised its position in shares of First Midwest Bancorp by 41.9% during the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 1,300 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of First Midwest Bancorp by 40.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 1,800 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of First Midwest Bancorp by 13.6% during the 1st quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 801 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of First Midwest Bancorp during the 1st quarter valued at approximately $177,000. Finally, Envestnet Asset Management Inc. raised its position in shares of First Midwest Bancorp by 1.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 136 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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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