First Midwest Bancorp (NASDAQ:FMBI) Rating Increased to Overweight at Stephens

Stephens upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from an equal rating to an overweight rating in a research note published on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has $23.00 target price on the financial services provider’s stock, up from their previous target price of $21.00.

FMBI has been the topic of a number of other reports. DA Davidson cut their target price on shares of First Midwest Bancorp from $23.00 to $22.00 and set a neutral rating on the stock in a research report on Thursday, September 5th. BidaskClub upgraded shares of First Midwest Bancorp from a strong sell rating to a sell rating in a research report on Tuesday, September 17th. Raymond James downgraded shares of First Midwest Bancorp to a hold rating in a research report on Monday, July 8th. ValuEngine upgraded shares of First Midwest Bancorp from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Finally, 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $23.80.

First Midwest Bancorp stock opened at $19.28 on Tuesday. 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 1 year low of $18.10 and a 1 year high of $26.20. The company has a market cap of $2.09 billion, a PE ratio of 9.96 and a beta of 1.26. The company’s 50-day moving average is $19.31 and its two-hundred day moving average is $20.24.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the company posted $0.40 EPS. The company’s revenue was up 14.9% compared to the same quarter last year. Research analysts forecast that First Midwest Bancorp will post 1.95 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Friday, September 27th were given a $0.14 dividend. The ex-dividend date was Thursday, September 26th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.90%. First Midwest Bancorp’s dividend payout ratio is 33.53%.

Several large investors have recently made changes to their positions in FMBI. Raymond James & Associates raised its position in shares of First Midwest Bancorp by 5.7% in the 1st quarter. Raymond James & Associates now owns 78,475 shares of the financial services provider’s stock valued at $1,606,000 after acquiring an additional 4,203 shares during the period. New York State Common Retirement Fund raised its position in shares of First Midwest Bancorp by 4.8% in the 1st quarter. New York State Common Retirement Fund now owns 105,300 shares of the financial services provider’s stock valued at $2,154,000 after acquiring an additional 4,800 shares during the period. BlackRock Inc. raised its position in shares of First Midwest Bancorp by 6.6% in the 1st quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock valued at $319,430,000 after acquiring an additional 963,616 shares during the period. CNA Financial Corp raised its position in shares of First Midwest Bancorp by 20.7% in the 1st quarter. CNA Financial Corp now owns 40,260 shares of the financial services provider’s stock valued at $824,000 after acquiring an additional 6,915 shares during the period. Finally, FSI Group LLC acquired a new stake in shares of First Midwest Bancorp in the 1st quarter valued at approximately $210,000. Institutional investors and hedge funds own 82.29% of the company’s stock.

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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