FIG Partners upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a market perform rating to an outperform rating in a report released on Thursday morning, BenzingaRatingsTable reports.
A number of other equities research analysts have also recently weighed in on the company. BidaskClub raised First Midwest Bancorp from a strong sell rating to a sell rating in a research note on Friday, March 29th. Piper Jaffray Companies set a $26.00 target price on First Midwest Bancorp and gave the company a buy rating in a report on Friday, January 25th. Two 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 presently has an average rating of Hold and an average target price of $26.08.
Shares of NASDAQ FMBI traded up $0.09 during trading on Thursday, reaching $20.40. The stock had a trading volume of 26,031 shares, compared to its average volume of 499,538. First Midwest Bancorp has a fifty-two week low of $18.10 and a fifty-two week high of $27.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $2.15 billion, a PE ratio of 12.21, a PEG ratio of 1.47 and a beta of 1.25.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. First Midwest Bancorp had a return on equity of 9.33% and a net margin of 22.44%. The business had revenue of $175.04 million during the quarter, compared to analysts’ expectations of $175.47 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts predict that First Midwest Bancorp will post 1.95 earnings per share for the current year.
In other First Midwest Bancorp news, CEO Michael L. Scudder sold 30,000 shares of First Midwest Bancorp stock in a transaction dated 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 of the company’s stock, valued at approximately $2,279,345.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in First Midwest Bancorp by 6.6% during the 1st quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock worth $319,430,000 after buying an additional 963,616 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in First Midwest Bancorp by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,034,930 shares of the financial services provider’s stock worth $143,935,000 after buying an additional 56,749 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in First Midwest Bancorp by 1.2% during the 1st quarter. Macquarie Group Ltd. now owns 2,776,676 shares of the financial services provider’s stock worth $56,811,000 after buying an additional 32,957 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in First Midwest Bancorp by 0.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,454,931 shares of the financial services provider’s stock worth $50,228,000 after buying an additional 9,704 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in First Midwest Bancorp by 1.7% during the 4th quarter. Northern Trust Corp now owns 2,048,581 shares of the financial services provider’s stock worth $40,582,000 after buying an additional 35,060 shares during the last quarter. 82.25% of the stock is owned by 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.
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