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

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 research reports. Piper Jaffray Companies raised shares of First Midwest Bancorp from a neutral rating to an overweight rating and increased their price target for the company from $25.00 to $26.00 in a report on Monday, July 24th. BidaskClub downgraded shares of First Midwest Bancorp from a hold rating to a sell rating in a report on Friday, June 23rd. FIG Partners raised shares of First Midwest Bancorp from a market perform rating to an outperform rating in a report on Friday, May 19th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $27.00 price target on shares of First Midwest Bancorp in a report on Sunday, June 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $26.17.

First Midwest Bancorp (FMBI) traded up 0.76% on Friday, hitting $21.24. The stock had a trading volume of 372,846 shares. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 18.22 and a beta of 1.15. First Midwest Bancorp has a 52-week low of $18.75 and a 52-week high of $25.83. The company’s 50 day moving average price is $21.92 and its 200 day moving average price is $23.01.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. The business had revenue of $162.53 million during the quarter, compared to the consensus estimate of $164.02 million. During the same period in the previous year, the business posted $0.32 EPS. Analysts expect that First Midwest Bancorp will post $1.30 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, September 28th. First Midwest Bancorp’s payout ratio is currently 34.19%.

In other news, Director Thomas Lynn Brown acquired 3,000 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was acquired at an average price of $24.06 per share, with a total value of $72,180.00. Following the completion of the purchase, the director now directly owns 3,000 shares in the company, valued at $72,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.69% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pacad Investment Ltd. lifted its stake in First Midwest Bancorp by 41.9% in the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 1,300 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in First Midwest Bancorp by 40.9% in the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 1,800 shares during the last quarter. Victory Capital Management Inc. lifted its stake in First Midwest Bancorp by 13.6% in the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 801 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in First Midwest Bancorp in the first quarter worth about $177,000. Finally, Envestnet Asset Management Inc. lifted its stake in First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 136 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

About First Midwest Bancorp

First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.

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