Zacks Investment Research Downgrades First Midwest Bancorp (FMBI) to Hold

Zacks Investment Research lowered shares of First Midwest Bancorp (NASDAQ:FMBI) from a buy rating to a hold rating in a report 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. “

Other equities analysts have also issued reports about the stock. BidaskClub raised shares of First Midwest Bancorp from a sell rating to a hold rating in a research report on Wednesday, September 12th. ValuEngine lowered shares of First Midwest Bancorp from a hold rating to a sell rating in a research report on Thursday, November 15th. Piper Jaffray Companies set a $26.00 price objective on shares of First Midwest Bancorp and gave the stock a buy rating in a research note on Friday, October 26th. Raymond James cut shares of First Midwest Bancorp from an outperform rating to a market perform rating in a research note on Monday. Finally, Stephens reaffirmed a hold rating and set a $24.00 price objective on shares of First Midwest Bancorp in a research note on Wednesday, December 19th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $26.08.

FMBI traded up $0.22 during trading on Monday, reaching $21.27. 22,543 shares of the company’s stock were exchanged, compared to its average volume of 880,993. First Midwest Bancorp has a 1 year low of $18.10 and a 1 year 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 0.66. The firm has a market capitalization of $2.24 billion, a PE ratio of 15.77, a P/E/G ratio of 1.49 and a beta of 1.27.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. First Midwest Bancorp had a net margin of 17.04% and a return on equity of 8.22%. The company had revenue of $167.69 million during the quarter, compared to analyst estimates of $168.87 million. During the same period last year, the firm posted $0.37 EPS. As a group, analysts predict that First Midwest Bancorp will post 1.66 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 8th. Stockholders of record on Friday, December 21st were paid a dividend of $0.12 per share. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.11. The ex-dividend date was Thursday, December 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.26%. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 35.56%.

In other news, Director Frank Blaise Modruson acquired 4,444 shares of the company’s stock in a transaction dated Monday, October 29th. The shares were acquired at an average price of $22.53 per share, with a total value of $100,123.32. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 1.47% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System grew its stake in First Midwest Bancorp by 10.1% in the 2nd quarter. California Public Employees Retirement System now owns 254,670 shares of the financial services provider’s stock valued at $6,486,000 after acquiring an additional 23,341 shares during the period. Zeke Capital Advisors LLC acquired a new stake in First Midwest Bancorp in the 3rd quarter valued at $453,000. FSI Group LLC grew its stake in First Midwest Bancorp by 91.6% in the 3rd quarter. FSI Group LLC now owns 16,115 shares of the financial services provider’s stock valued at $428,000 after acquiring an additional 7,706 shares during the period. Wells Fargo & Company MN grew its stake in First Midwest Bancorp by 1.6% in the 3rd quarter. Wells Fargo & Company MN now owns 303,951 shares of the financial services provider’s stock valued at $8,081,000 after acquiring an additional 4,902 shares during the period. Finally, Vestor Capital LLC grew its stake in First Midwest Bancorp by 18.6% in the 3rd quarter. Vestor Capital LLC now owns 6,521 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 1,021 shares during the period. 80.35% of the stock is currently owned by institutional investors and hedge funds.

About First Midwest Bancorp

First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.

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