First Midwest Bancorp (NASDAQ:FMBI) Downgraded by BidaskClub to Sell

BidaskClub lowered shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a sell rating in a research note released on Tuesday, BidAskClub reports.

A number of other equities analysts have also weighed in on FMBI. Stephens upgraded First Midwest Bancorp from an equal rating to an overweight rating and increased their price target for the company from $21.00 to $23.00 in a research report on Tuesday. ValuEngine upgraded First Midwest Bancorp from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Raymond James lowered First Midwest Bancorp to a hold rating in a research report on Monday, July 8th. Zacks Investment Research upgraded First Midwest Bancorp from a sell rating to a hold rating in a research report on Monday, July 29th. Finally, DA Davidson reduced their price objective on First Midwest Bancorp from $23.00 to $22.00 and set a neutral rating for the company in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $23.80.

Shares of NASDAQ:FMBI traded up $0.52 during midday trading on Tuesday, reaching $19.46. The company had a trading volume of 7,711 shares, compared to its average volume of 546,785. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97. First Midwest Bancorp has a 1-year low of $18.10 and a 1-year high of $26.69. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 11.69 and a beta of 1.26. The company has a fifty day simple moving average of $19.31 and a two-hundred day simple moving average of $20.24.



First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.03. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 23.58%. The business had revenue of $190.02 million during the quarter, compared to analyst estimates of $187.13 million. During the same quarter last year, the company posted $0.40 EPS. First Midwest Bancorp’s revenue for the quarter was up 14.9% on a year-over-year basis. Analysts expect that First Midwest Bancorp will post 1.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Friday, September 27th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.88%. The ex-dividend date was Thursday, September 26th. First Midwest Bancorp’s dividend payout ratio is currently 33.53%.

A number of institutional investors have recently made changes to their positions in FMBI. AdvisorNet Financial Inc bought a new stake in shares of First Midwest Bancorp during the second quarter worth $31,000. Rockefeller Capital Management L.P. grew its stake in shares of First Midwest Bancorp by 83.2% during the second quarter. Rockefeller Capital Management L.P. now owns 1,533 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 696 shares during the period. NumerixS Investment Technologies Inc grew its stake in shares of First Midwest Bancorp by 47.3% during the second quarter. NumerixS Investment Technologies Inc now owns 2,725 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 875 shares during the period. Pearl River Capital LLC acquired a new position in First Midwest Bancorp in the second quarter valued at about $88,000. Finally, Atria Investments LLC acquired a new position in First Midwest Bancorp in the second quarter valued at about $205,000. 82.29% of the stock is owned by hedge funds and other institutional investors.

About First Midwest Bancorp

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.

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Analyst Recommendations for First Midwest Bancorp (NASDAQ:FMBI)

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