First Midwest Bancorp (NASDAQ:FMBI) Upgraded to “Hold” by Zacks Investment Research

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Zacks Investment Research upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a sell rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

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. “

Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of First Midwest Bancorp from a hold rating to a sell rating in a report on Thursday, January 23rd. Stephens upgraded shares of First Midwest Bancorp from an equal rating to an overweight rating and increased their price target for the stock from $21.00 to $23.00 in a research note on Tuesday, October 8th. Finally, ValuEngine raised shares of First Midwest Bancorp from a sell rating to a hold rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. First Midwest Bancorp currently has a consensus rating of Hold and an average target price of $22.50.

Shares of NASDAQ:FMBI opened at $20.27 on Friday. The firm has a market capitalization of $2.30 billion, a P/E ratio of 11.14 and a beta of 1.29. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day moving average price of $22.56 and a 200-day moving average price of $20.83. First Midwest Bancorp has a 52-week low of $18.29 and a 52-week high of $23.68.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.01. The company had revenue of $194.86 million for the quarter, compared to analysts’ expectations of $192.33 million. First Midwest Bancorp had a return on equity of 9.41% and a net margin of 23.08%. On average, equities analysts forecast that First Midwest Bancorp will post 1.93 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Friday, December 20th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, December 19th. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 28.28%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its position in shares of First Midwest Bancorp by 100.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 3,066 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 1,533 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of First Midwest Bancorp by 17.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,002 shares of the financial services provider’s stock worth $136,000 after purchasing an additional 1,026 shares during the last quarter. Optimum Investment Advisors raised its position in shares of First Midwest Bancorp by 100.0% in the 3rd quarter. Optimum Investment Advisors now owns 7,800 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 3,900 shares during the last quarter. Atria Investments LLC purchased a new position in shares of First Midwest Bancorp in the 2nd quarter worth about $205,000. Finally, Sciencast Management LP purchased a new position in shares of First Midwest Bancorp in the 4th quarter worth about $209,000. 82.32% of the stock is currently owned by hedge funds and other institutional investors.

About First Midwest Bancorp

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.

Further Reading: Cash Flow

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