BidaskClub Upgrades First Midwest Bancorp (NASDAQ:FMBI) to “Sell”

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BidaskClub upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a strong sell rating to a sell rating in a report issued on Tuesday, BidAskClub reports.

A number of other equities research analysts also recently weighed in on the stock. DA Davidson reduced their price target on shares of First Midwest Bancorp from $23.00 to $22.00 and set a neutral rating on the stock in a research note on Thursday, September 5th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a research note on Monday, July 29th. Finally, Raymond James downgraded shares of First Midwest Bancorp to a hold rating in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $24.00.

FMBI opened at $19.80 on Tuesday. The company’s 50 day moving average is $19.51 and its 200-day moving average is $20.50. First Midwest Bancorp has a 1-year low of $18.10 and a 1-year high of $27.52. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. The company has a market cap of $2.18 billion, a P/E ratio of 10.40, a PEG ratio of 1.45 and a beta of 1.27.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. The company had revenue of $190.02 million for the quarter, compared to the consensus estimate of $187.13 million. During the same period last year, the company posted $0.40 EPS. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, equities analysts forecast that First Midwest Bancorp will post 1.95 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Friday, September 27th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, September 26th. This represents a $0.56 annualized dividend and a yield of 2.83%. First Midwest Bancorp’s dividend payout ratio is presently 33.53%.

A number of large investors have recently bought and sold shares of the stock. Municipal Employees Retirement System of Michigan boosted its position in First Midwest Bancorp by 1.8% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 31,960 shares of the financial services provider’s stock worth $654,000 after buying an additional 550 shares during the period. Rockefeller Capital Management L.P. boosted its position in First Midwest Bancorp by 83.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,533 shares of the financial services provider’s stock worth $31,000 after buying an additional 696 shares during the period. Oregon Public Employees Retirement Fund boosted its position in First Midwest Bancorp by 1.7% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 41,900 shares of the financial services provider’s stock worth $858,000 after buying an additional 700 shares during the period. NumerixS Investment Technologies Inc boosted its position in First Midwest Bancorp by 47.3% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,725 shares of the financial services provider’s stock worth $56,000 after buying an additional 875 shares during the period. Finally, LPL Financial LLC boosted its position in First Midwest Bancorp by 2.7% during the 2nd quarter. LPL Financial LLC now owns 36,039 shares of the financial services provider’s stock worth $738,000 after buying an additional 947 shares during the period. Institutional investors and hedge funds own 82.31% of the company’s stock.

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.

See Also: Growth Stocks

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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