First Midwest Bancorp (FMBI) Stock Rating Upgraded by FIG Partners

First Midwest Bancorp (NASDAQ:FMBI) was upgraded by analysts at FIG Partners from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports.

A number of other research firms have also recently weighed in on FMBI. BidaskClub cut First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 6th. Piper Jaffray Companies set a $26.00 price target on First Midwest Bancorp and gave the company a “buy” rating in a report on Friday, January 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $26.08.

Shares of FMBI traded down $0.03 during mid-day trading on Thursday, reaching $20.28. 710,584 shares of the company’s stock traded hands, compared to its average volume of 511,587. The stock has a market cap of $2.17 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. First Midwest Bancorp has a 12 month low of $18.10 and a 12 month high of $27.70.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The company had revenue of $175.04 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 earnings per share. As a group, analysts forecast that First Midwest Bancorp will post 1.95 EPS for the current year.

In related news, CEO Michael L. Scudder sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $23.31, for a total transaction of $699,300.00. Following the sale, the chief executive officer now owns 97,784 shares of the company’s stock, valued at $2,279,345.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in FMBI. Norges Bank bought a new stake in First Midwest Bancorp during the fourth quarter worth approximately $23,280,000. BlackRock Inc. raised its holdings in First Midwest Bancorp by 6.6% during the first quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock worth $319,430,000 after purchasing an additional 963,616 shares in the last quarter. Oregon Public Employees Retirement Fund bought a new stake in First Midwest Bancorp during the fourth quarter worth approximately $40,000. Millennium Management LLC raised its holdings in First Midwest Bancorp by 4,297.0% during the fourth quarter. Millennium Management LLC now owns 499,455 shares of the financial services provider’s stock worth $9,894,000 after purchasing an additional 488,096 shares in the last quarter. Finally, JCSD Capital LLC bought a new stake in First Midwest Bancorp during the fourth quarter worth approximately $5,296,000. 82.25% of the stock is currently owned by hedge funds and other 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.

See Also: Cost of Equity For A Business, Investors

Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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