First Midwest Bancorp, Inc. (NASDAQ:FMBI) was downgraded by FIG Partners from an “outperform” rating to a “market perform” rating in a research report issued on Thursday.
FMBI has been the topic of several other reports. Zacks Investment Research cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Jefferies Group LLC reissued a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $25.00 target price on shares of First Midwest Bancorp in a research note on Wednesday, April 12th. BidaskClub cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, Piper Jaffray Companies raised First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $25.00 to $26.00 in a research note on Monday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. First Midwest Bancorp presently has an average rating of “Hold” and an average price target of $26.40.
Shares of First Midwest Bancorp (FMBI) traded down 0.22% during midday trading on Thursday, reaching $22.58. 100,055 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $23.38 and a 200 day moving average price of $23.56. The company has a market cap of $2.54 billion, a P/E ratio of 20.05 and a beta of 1.16. First Midwest Bancorp has a 12 month low of $18.36 and a 12 month high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The firm had revenue of $162.53 million during the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a return on equity of 8.34% and a net margin of 17.30%. During the same period in the previous year, the company earned $0.32 earnings per share. Equities research analysts forecast that First Midwest Bancorp will post $1.34 earnings per share for the current fiscal year.
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In related news, Director Thomas Lynn Brown acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were purchased at an average price of $24.06 per share, with a total value of $72,180.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $72,180. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.48% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FMBI. Highbridge Capital Management LLC increased its stake in shares of First Midwest Bancorp by 231.2% in the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock valued at $5,931,000 after buying an additional 174,825 shares during the period. Teachers Advisors LLC increased its stake in shares of First Midwest Bancorp by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 852,375 shares of the financial services provider’s stock valued at $21,505,000 after buying an additional 17,355 shares during the period. Foundry Partners LLC increased its stake in shares of First Midwest Bancorp by 14.9% in the first quarter. Foundry Partners LLC now owns 449,429 shares of the financial services provider’s stock valued at $10,642,000 after buying an additional 58,405 shares during the period. United Services Automobile Association increased its stake in shares of First Midwest Bancorp by 72.6% in the first quarter. United Services Automobile Association now owns 1,036,966 shares of the financial services provider’s stock valued at $24,555,000 after buying an additional 436,260 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of First Midwest Bancorp by 39.5% in the first quarter. First Trust Advisors LP now owns 264,748 shares of the financial services provider’s stock valued at $6,269,000 after buying an additional 74,958 shares during the period. 73.67% of the stock is currently owned by hedge funds and other institutional investors.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.
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