First Midwest Bancorp (NASDAQ:FMBI) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a sell rating in a research report sent to investors on Thursday 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. “

Several other equities research analysts also recently weighed in on FMBI. Raymond James downgraded First Midwest Bancorp to a hold rating in a report on Monday, July 8th. FIG Partners reissued an outperform rating on shares of Southern First Bancshares in a report on Thursday, May 16th. Finally, BidaskClub raised Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $26.08.

FMBI stock opened at $20.62 on Thursday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.52 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 0.97. First Midwest Bancorp has a twelve month low of $18.10 and a twelve month high of $27.70. The stock has a fifty day simple moving average of $20.41.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. The firm had revenue of $175.04 million for the quarter, compared to analyst estimates of $175.47 million. First Midwest Bancorp had a return on equity of 9.33% and a net margin of 22.44%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 earnings per share. As a group, equities research analysts forecast that First Midwest Bancorp will post 1.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Friday, June 28th were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.72%. First Midwest Bancorp’s payout ratio is 33.53%.

In other news, Director Arsdell Stephen C. Van purchased 2,500 shares of the stock in a transaction dated Friday, May 17th. The shares were purchased at an average cost of $20.11 per share, with a total value of $50,275.00. Following the completion of the purchase, the director now directly owns 16,500 shares of the company’s stock, valued at approximately $331,815. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FMBI. FSI Group LLC acquired a new position in shares of First Midwest Bancorp in the 1st quarter valued at $210,000. Meeder Asset Management Inc. raised its holdings in shares of First Midwest Bancorp by 151.2% in the 1st quarter. Meeder Asset Management Inc. now owns 12,518 shares of the financial services provider’s stock valued at $256,000 after buying an additional 7,535 shares during the period. Sciencast Management LP purchased a new stake in shares of First Midwest Bancorp in the 1st quarter valued at $271,000. Neuburgh Advisers LLC raised its holdings in shares of First Midwest Bancorp by 20.5% in the 4th quarter. Neuburgh Advisers LLC now owns 12,976 shares of the financial services provider’s stock valued at $257,000 after buying an additional 2,208 shares during the period. Finally, Everence Capital Management Inc. purchased a new stake in shares of First Midwest Bancorp in the 1st quarter valued at $273,000. 81.30% of the stock is currently owned by institutional investors.

First Midwest Bancorp Company Profile

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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