First Midwest Bancorp (NASDAQ:FMBI) Stock Rating Lowered by BidaskClub

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

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a research report on Monday, July 29th. FIG Partners upgraded shares of First Midwest Bancorp from a market perform rating to an outperform rating in a research report on Thursday, May 16th. Finally, Raymond James downgraded shares of First Midwest Bancorp to a hold rating in a research report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $24.50.

Shares of First Midwest Bancorp stock traded down $0.17 during trading hours on Friday, reaching $19.84. The company’s stock had a trading volume of 363,486 shares, compared to its average volume of 648,558. The business’s 50 day moving average price is $20.50. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. First Midwest Bancorp has a one year low of $18.10 and a one year high of $27.70. The stock has a market capitalization of $2.12 billion, a PE ratio of 11.88, a P/E/G ratio of 1.43 and a beta of 1.23.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.03. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. The company had revenue of $190.02 million for the quarter, compared to the consensus estimate of $187.13 million. During the same period last year, the firm posted $0.40 EPS. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. Analysts expect that First Midwest Bancorp will post 1.96 EPS for the current year.

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

Institutional investors have recently added to or reduced their stakes in the business. AdvisorNet Financial Inc acquired a new position in First Midwest Bancorp during the 2nd quarter valued at about $31,000. Rockefeller Capital Management L.P. increased its stake in First Midwest Bancorp by 83.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,533 shares of the financial services provider’s stock valued at $31,000 after buying an additional 696 shares during the period. Virginia Retirement Systems ET AL acquired a new position in First Midwest Bancorp during the 2nd quarter valued at about $203,000. Atria Investments LLC acquired a new position in First Midwest Bancorp during the 2nd quarter valued at about $205,000. Finally, FSI Group LLC acquired a new position in First Midwest Bancorp during the 1st quarter valued at about $210,000. 81.41% of the stock is currently 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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