First Midwest Bancorp (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 analysts also recently issued reports on the stock. BidaskClub raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Piper Jaffray Companies reissued a “buy” rating and set a $29.00 target price on shares of First Midwest Bancorp in a research note on Tuesday, January 9th. Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the company a “hold” rating in a research note on Wednesday, January 3rd. Jefferies Group reissued a “buy” rating and set a $28.00 target price on shares of First Midwest Bancorp in a research note on Friday, December 8th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $26.67.
First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Monday, January 29th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. The firm had revenue of $154.24 million for the quarter, compared to analyst estimates of $162.84 million. During the same period last year, the firm earned $0.32 earnings per share. equities research analysts anticipate that First Midwest Bancorp will post 1.73 earnings per share for the current year.
In other news, Director Robert P. Omeara sold 50,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $24.56, for a total value of $1,228,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.69% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FMBI. Zions Bancorporation acquired a new position in shares of First Midwest Bancorp in the third quarter worth $112,000. Quantbot Technologies LP acquired a new position in shares of First Midwest Bancorp in the third quarter worth $118,000. CIBC Asset Management Inc acquired a new position in shares of First Midwest Bancorp in the third quarter worth $201,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of First Midwest Bancorp in the second quarter worth $213,000. Finally, MPS Loria Financial Planners LLC acquired a new position in shares of First Midwest Bancorp in the second quarter worth $235,000. 80.41% of the stock is currently owned by institutional investors and hedge funds.
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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.
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