First Midwest Bancorp (NASDAQ:FMBI) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of First Midwest Bancorp (NASDAQ:FMBI) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. They currently have $20.00 price target on the financial services provider’s stock.

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 topic of a number of other reports. Piper Sandler raised shares of First Midwest Bancorp from a neutral rating to an overweight rating and raised their price target for the company from $20.40 to $22.67 in a research report on Tuesday, August 17th. Raymond James restated a market perform rating on shares of First Midwest Bancorp in a research note on Wednesday, June 2nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $22.17.

FMBI stock opened at $17.53 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day simple moving average of $18.26 and a two-hundred day simple moving average of $20.15. The company has a market capitalization of $2.00 billion, a P/E ratio of 13.38 and a beta of 1.25. First Midwest Bancorp has a 52-week low of $10.38 and a 52-week high of $24.28.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Monday, July 19th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.04. First Midwest Bancorp had a return on equity of 7.77% and a net margin of 21.08%. The business had revenue of $190.56 million during the quarter, compared to the consensus estimate of $189.05 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. As a group, sell-side analysts forecast that First Midwest Bancorp will post 1.7 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 12th. Investors of record on Friday, September 24th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.19%. The ex-dividend date is Thursday, September 23rd. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 47.46%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of First Midwest Bancorp by 36.2% in the first quarter. Principal Financial Group Inc. now owns 3,150,410 shares of the financial services provider’s stock worth $69,026,000 after purchasing an additional 837,908 shares in the last quarter. Ameriprise Financial Inc. grew its stake in First Midwest Bancorp by 5.5% in the 1st quarter. Ameriprise Financial Inc. now owns 603,455 shares of the financial services provider’s stock valued at $13,224,000 after buying an additional 31,224 shares in the last quarter. Alliancebernstein L.P. raised its holdings in First Midwest Bancorp by 6.1% during the 2nd quarter. Alliancebernstein L.P. now owns 178,240 shares of the financial services provider’s stock valued at $3,534,000 after acquiring an additional 10,170 shares during the period. Snow Capital Management LP lifted its position in shares of First Midwest Bancorp by 227.9% during the first quarter. Snow Capital Management LP now owns 117,135 shares of the financial services provider’s stock worth $2,566,000 after acquiring an additional 81,414 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of First Midwest Bancorp by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 7,470,146 shares of the financial services provider’s stock worth $163,673,000 after acquiring an additional 65,987 shares during the period. 80.79% of the stock is currently owned by institutional investors and hedge funds.

About First Midwest Bancorp

First Midwest Bancorp, Inc is a bank holding company, which engages in the provision of commercial and retail banking services. It offers a full range of commercial, retail, treasury management, and wealth management products and services to commercial and industrial, agricultural, commercial real estate, municipal, and consumer customers.

Further Reading: How Buying a Call Option Works

Get a free copy of the Zacks research report on First Midwest Bancorp (FMBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Midwest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.