First Midwest Bancorp (NASDAQ:FMBI) Downgraded by Zacks Investment Research to Sell

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First Midwest Bancorp (NASDAQ:FMBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, 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. “

Other equities research analysts also recently issued reports about the stock. BidaskClub raised shares of Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Raymond James downgraded shares of First Midwest Bancorp to a “hold” rating in a report on Monday. Finally, FIG Partners reissued an “outperform” rating on shares of Southern First Bancshares in a report on Thursday, May 16th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. First Midwest Bancorp has an average rating of “Hold” and a consensus target price of $26.08.

Shares of First Midwest Bancorp stock traded up $0.07 during trading on Thursday, hitting $20.47. 523,700 shares of the stock were exchanged, compared to its average volume of 537,558. The company has a fifty day moving average of $20.39. The stock has a market cap of $2.19 billion, a PE ratio of 12.26, a PEG ratio of 1.53 and a beta of 1.24. 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 announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $175.04 million during the quarter, compared to analyst estimates of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. First Midwest Bancorp’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS. Sell-side analysts expect that First Midwest Bancorp will post 1.95 EPS for the current fiscal year.

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

A number of hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System boosted its holdings in shares of First Midwest Bancorp by 4.2% in the fourth quarter. California Public Employees Retirement System now owns 254,857 shares of the financial services provider’s stock valued at $5,049,000 after acquiring an additional 10,351 shares in the last quarter. Texas Permanent School Fund boosted its holdings in shares of First Midwest Bancorp by 7.3% in the fourth quarter. Texas Permanent School Fund now owns 69,616 shares of the financial services provider’s stock valued at $1,379,000 after acquiring an additional 4,708 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of First Midwest Bancorp by 4.3% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,259 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 630 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of First Midwest Bancorp by 9.1% in the fourth quarter. Raymond James & Associates now owns 74,272 shares of the financial services provider’s stock valued at $1,471,000 after acquiring an additional 6,187 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of First Midwest Bancorp in the fourth quarter valued at about $353,000. Institutional investors own 81.30% of the company’s stock.

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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