First Midwest Bancorp (NASDAQ:FMBI) Cut 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 report issued on Wednesday, 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. “

FMBI has been the subject of a number of other reports. SunTrust Banks reduced their target price on shares of First Midwest Bancorp from $14.00 to $13.00 and set a hold rating for the company in a research note on Tuesday, May 19th. BidaskClub downgraded shares of First Midwest Bancorp from a sell rating to a strong sell rating in a report on Friday, June 26th. Janney Montgomery Scott reiterated a buy rating and issued a $13.50 price objective on shares of First Midwest Bancorp in a report on Sunday, June 21st. Piper Sandler cut their target price on First Midwest Bancorp from $17.00 to $16.00 and set an overweight rating on the stock in a report on Monday, May 4th. Finally, ValuEngine cut First Midwest Bancorp from a hold rating to a sell rating in a research report on Thursday, April 2nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. First Midwest Bancorp presently has a consensus rating of Hold and a consensus price target of $17.50.

FMBI opened at $12.14 on Wednesday. The stock has a fifty day moving average price of $12.85 and a 200 day moving average price of $15.30. The company has a current ratio of 1.01, a quick ratio of 1.02 and a debt-to-equity ratio of 0.96. First Midwest Bancorp has a 1 year low of $10.31 and a 1 year high of $23.64. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 8.42 and a beta of 1.30.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. The company had revenue of $178.23 million during the quarter, compared to the consensus estimate of $185.80 million. First Midwest Bancorp had a return on equity of 6.54% and a net margin of 16.97%. As a group, sell-side analysts forecast that First Midwest Bancorp will post 1.12 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Friday, June 26th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date of this dividend was Thursday, June 25th. First Midwest Bancorp’s dividend payout ratio is 28.28%.

In other First Midwest Bancorp news, EVP R Douglas Rose purchased 1,400 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $35,000.00. Following the completion of the acquisition, the executive vice president now directly owns 1,400 shares in the company, valued at $35,000. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Phupinder Gill acquired 4,000 shares of First Midwest Bancorp stock in a transaction dated Wednesday, June 17th. The stock was acquired at an average cost of $25.00 per share, with a total value of $100,000.00. Following the completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $100,000. The disclosure for this purchase can be found here. Insiders have acquired 12,400 shares of company stock valued at $268,560 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd bought a new stake in shares of First Midwest Bancorp in the fourth quarter valued at about $27,000. Aigen Investment Management LP acquired a new stake in shares of First Midwest Bancorp during the 1st quarter worth approximately $37,000. Versant Capital Management Inc grew its holdings in shares of First Midwest Bancorp by 221.5% during the 1st quarter. Versant Capital Management Inc now owns 3,463 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 2,386 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of First Midwest Bancorp by 21.8% during the first quarter. Mutual of America Capital Management LLC now owns 4,775 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 855 shares during the period. Finally, Optimum Investment Advisors raised its stake in shares of First Midwest Bancorp by 12.8% in the first quarter. Optimum Investment Advisors now owns 8,800 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 1,000 shares in the last quarter. 80.65% 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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