First Midwest Bancorp’s (FMBI) Buy Rating Reaffirmed at Jefferies Group

First Midwest Bancorp (NASDAQ:FMBI)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group in a report released on Friday. They presently have a $28.00 price target on the financial services provider’s stock. Jefferies Group’s price target would indicate a potential upside of 13.68% from the stock’s previous close.

A number of other research analysts also recently commented on FMBI. Zacks Investment Research downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. ValuEngine downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Piper Jaffray Companies reissued a “buy” rating and set a $26.00 target price on shares of First Midwest Bancorp in a research report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $26.00.

Shares of First Midwest Bancorp (NASDAQ:FMBI) opened at $24.63 on Friday. First Midwest Bancorp has a twelve month low of $20.50 and a twelve month high of $25.86. The firm has a market cap of $2,510.00, a PE ratio of 17.73, a P/E/G ratio of 2.48 and a beta of 1.17. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $163.24 million during the quarter, compared to analyst estimates of $164.81 million. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. During the same quarter last year, the business posted $0.32 EPS. equities analysts forecast that First Midwest Bancorp will post 1.41 earnings per share for the current fiscal year.

In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $21.85, for a total transaction of $76,475.00. Following the transaction, the director now owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.69% of the company’s stock.

Institutional investors have recently modified their holdings of the company. New York State Common Retirement Fund grew its position in shares of First Midwest Bancorp by 23.9% in the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock worth $2,545,000 after buying an additional 21,099 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in shares of First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock worth $4,447,000 after buying an additional 25,470 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of First Midwest Bancorp by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares during the last quarter. Prudential Financial Inc. grew its position in shares of First Midwest Bancorp by 11.1% in the 3rd quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock worth $5,185,000 after buying an additional 22,060 shares during the last quarter. Finally, Cipher Capital LP grew its position in shares of First Midwest Bancorp by 153.6% in the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after buying an additional 50,358 shares during the last quarter. 81.42% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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