First Midwest Bancorp (NASDAQ:FMBI) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a sell rating in a research report released on Monday morning, 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. “

Several other analysts have also recently weighed in on the company. SunTrust Banks cut First Midwest Bancorp from a buy rating to a hold rating and dropped their price target for the stock from $24.00 to $20.00 in a report on Friday, March 6th. BidaskClub cut First Midwest Bancorp from a sell rating to a strong sell rating in a report on Friday, January 31st. Finally, ValuEngine raised First Midwest Bancorp from a sell rating to a hold rating in a report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued 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 $21.67.

FMBI opened at $13.70 on Monday. First Midwest Bancorp has a 12-month low of $11.44 and a 12-month high of $23.64. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 6.44 and a beta of 1.23. The business has a 50 day moving average of $17.76 and a 200-day moving average of $20.31. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.80.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.01. The business had revenue of $194.86 million during the quarter, compared to analysts’ expectations of $192.33 million. First Midwest Bancorp had a return on equity of 9.41% and a net margin of 23.08%. As a group, analysts expect that First Midwest Bancorp will post 1.56 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 7th. Shareholders of record on Friday, March 27th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, March 26th. This represents a $0.56 annualized dividend and a yield of 4.09%. First Midwest Bancorp’s dividend payout ratio is presently 28.28%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new position in First Midwest Bancorp in the 4th quarter valued at $27,000. Tower Research Capital LLC TRC acquired a new position in First Midwest Bancorp in the 4th quarter valued at $52,000. Crossmark Global Holdings Inc. acquired a new position in First Midwest Bancorp in the 4th quarter valued at $207,000. Connable Office Inc. acquired a new position in First Midwest Bancorp in the 4th quarter valued at $208,000. Finally, Sciencast Management LP acquired a new position in First Midwest Bancorp in the 4th quarter valued at $209,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

First Midwest Bancorp Company Profile

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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