First Midwest Bancorp (NASDAQ:FMBI)‘s stock had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies in a research note issued to investors on Tuesday, January 9th. They presently have a $29.00 price target on the financial services provider’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 14.72% from the company’s previous close.
Several other research analysts have also issued reports on FMBI. ValuEngine raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $23.00 price objective on shares of First Midwest Bancorp in a report on Thursday, October 26th. Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the company a “hold” rating in a report on Wednesday, January 3rd. Finally, Jefferies Group reiterated a “buy” rating and issued a $28.00 target price on shares of First Midwest Bancorp in a report on Friday, December 8th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $26.67.
Shares of First Midwest Bancorp (FMBI) opened at $25.28 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.98. First Midwest Bancorp has a 12 month low of $20.50 and a 12 month high of $26.48. The company has a market cap of $2,596.69, a price-to-earnings ratio of 18.06, a PEG ratio of 2.05 and a beta of 1.18.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The firm had revenue of $154.24 million during the quarter, compared to the consensus estimate of $162.84 million. First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. During the same period in the prior year, the company posted $0.32 earnings per share. sell-side analysts anticipate that First Midwest Bancorp will post 1.73 earnings per share for the current year.
In other First Midwest Bancorp news, Director Robert P. Omeara sold 50,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.69% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Pacad Investment Ltd. boosted its position in shares of First Midwest Bancorp by 41.9% in the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 1,300 shares during the period. Zions Bancorporation purchased a new stake in First Midwest Bancorp in the third quarter valued at approximately $112,000. Quantbot Technologies LP purchased a new stake in First Midwest Bancorp in the third quarter valued at approximately $118,000. Riverhead Capital Management LLC raised its stake in First Midwest Bancorp by 40.9% in the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in First Midwest Bancorp by 17.6% in the second quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 1,179 shares in the last quarter. Institutional investors own 81.23% of the company’s stock.
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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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