First Midwest Bancorp (NASDAQ:FMBI) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a sell rating to a hold rating in a report issued on Monday, Zacks.com reports.

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. “

A number of other analysts have also recently commented on FMBI. Raymond James cut shares of First Midwest Bancorp to a hold rating in a research note on Monday, July 8th. FIG Partners upgraded shares of First Midwest Bancorp from a market perform rating to an outperform rating in a research note on Thursday, May 16th. Finally, BidaskClub upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a research note on Saturday, July 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. First Midwest Bancorp has an average rating of Hold and a consensus price target of $24.50.

Shares of FMBI stock traded down $0.53 during trading on Monday, reaching $20.17. 2,831 shares of the company’s stock traded hands, compared to its average volume of 589,107. The company has a market capitalization of $2.31 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.58 and a beta of 1.24. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a 50-day moving average price of $20.62. First Midwest Bancorp has a 1 year low of $18.10 and a 1 year high of $27.70.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.03. The company had revenue of $190.02 million for the quarter, compared to analysts’ expectations of $187.13 million. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. First Midwest Bancorp’s revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. Equities research analysts forecast that First Midwest Bancorp will post 1.96 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Friday, June 28th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, June 27th. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s dividend payout ratio is 33.53%.

In other news, Director Arsdell Stephen C. Van bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average price of $20.11 per share, with a total value of $50,275.00. Following the acquisition, the director now owns 16,500 shares of the company’s stock, valued at approximately $331,815. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of FMBI. Boston Partners increased its holdings in shares of First Midwest Bancorp by 13.6% in the 1st quarter. Boston Partners now owns 1,009,815 shares of the financial services provider’s stock worth $20,661,000 after buying an additional 120,807 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of First Midwest Bancorp by 4.9% during the 4th quarter. Legal & General Group Plc now owns 251,600 shares of the financial services provider’s stock valued at $4,979,000 after purchasing an additional 11,829 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of First Midwest Bancorp by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock valued at $23,726,000 after purchasing an additional 119,855 shares during the last quarter. AdvisorNet Financial Inc bought a new position in shares of First Midwest Bancorp during the 2nd quarter valued at $31,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of First Midwest Bancorp by 151.2% during the 1st quarter. Meeder Asset Management Inc. now owns 12,518 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 7,535 shares during the last quarter. 81.45% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Article: Is the Dow Jones Industrial Average (DJIA) still relevant?

Get a free copy of the Zacks research report on First Midwest Bancorp (FMBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Midwest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.