BidaskClub Downgrades First Midwest Bancorp (NASDAQ:FMBI) to Hold

First Midwest Bancorp (NASDAQ:FMBI) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.

A number of other research analysts also recently issued reports on FMBI. Stephens upgraded shares of First Midwest Bancorp from an “equal” rating to an “overweight” rating and boosted their target price for the company from $21.00 to $23.00 in a research report on Tuesday, October 8th. Zacks Investment Research downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Finally, ValuEngine upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. First Midwest Bancorp currently has a consensus rating of “Hold” and an average target price of $23.67.

FMBI traded up $0.22 during trading on Tuesday, hitting $22.33. The stock had a trading volume of 4,711 shares, compared to its average volume of 504,370. The company has a market capitalization of $2.46 billion, a PE ratio of 13.37 and a beta of 1.29. First Midwest Bancorp has a twelve month low of $18.29 and a twelve month high of $23.68. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day simple moving average of $22.59 and a two-hundred day simple moving average of $20.77.

First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.03. First Midwest Bancorp had a net margin of 22.55% and a return on equity of 9.51%. The company had revenue of $193.74 million during the quarter, compared to the consensus estimate of $191.95 million. During the same period last year, the firm earned $0.46 earnings per share. On average, equities research analysts anticipate that First Midwest Bancorp will post 1.98 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in First Midwest Bancorp by 1.3% in the second quarter. BlackRock Inc. now owns 15,819,311 shares of the financial services provider’s stock valued at $323,822,000 after buying an additional 206,954 shares in the last quarter. Vanguard Group Inc. increased its holdings in First Midwest Bancorp by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,417,939 shares of the financial services provider’s stock valued at $233,725,000 after buying an additional 384,593 shares in the last quarter. Macquarie Group Ltd. increased its holdings in First Midwest Bancorp by 9.6% in the second quarter. Macquarie Group Ltd. now owns 3,043,915 shares of the financial services provider’s stock valued at $62,309,000 after buying an additional 267,239 shares in the last quarter. Northern Trust Corp increased its holdings in First Midwest Bancorp by 9.8% in the second quarter. Northern Trust Corp now owns 2,173,464 shares of the financial services provider’s stock valued at $44,490,000 after buying an additional 193,534 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in First Midwest Bancorp by 8.4% in the second quarter. Invesco Ltd. now owns 1,081,946 shares of the financial services provider’s stock valued at $22,147,000 after buying an additional 83,950 shares in the last quarter. 82.31% of the stock is owned by 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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