BlackRock Inc. raised its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 8.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,432,580 shares of the financial services provider’s stock after buying an additional 1,122,474 shares during the quarter. BlackRock Inc. owned about 14.00% of First Midwest Bancorp worth $367,598,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in First Midwest Bancorp by 1.4% in the first quarter. Rhumbline Advisers now owns 255,669 shares of the financial services provider’s stock valued at $6,287,000 after buying an additional 3,490 shares during the period. SG Americas Securities LLC acquired a new position in First Midwest Bancorp in the first quarter valued at approximately $210,000. Victory Capital Management Inc. raised its holdings in First Midwest Bancorp by 18.2% in the first quarter. Victory Capital Management Inc. now owns 14,132 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 2,180 shares during the period. Prudential Financial Inc. raised its holdings in First Midwest Bancorp by 2.2% in the first quarter. Prudential Financial Inc. now owns 172,956 shares of the financial services provider’s stock worth $4,253,000 after purchasing an additional 3,700 shares during the period. Finally, Swiss National Bank raised its holdings in First Midwest Bancorp by 2.3% in the first quarter. Swiss National Bank now owns 179,000 shares of the financial services provider’s stock worth $4,402,000 after purchasing an additional 4,000 shares during the period. Hedge funds and other institutional investors own 82.82% of the company’s stock.
Shares of FMBI stock opened at $26.29 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.62. First Midwest Bancorp Inc has a 12-month low of $21.75 and a 12-month high of $27.70. The firm has a market cap of $2.79 billion, a PE ratio of 19.64, a P/E/G ratio of 2.32 and a beta of 1.14.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. First Midwest Bancorp had a net margin of 15.12% and a return on equity of 7.83%. The company had revenue of $165.39 million during the quarter, compared to the consensus estimate of $161.80 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. research analysts anticipate that First Midwest Bancorp Inc will post 1.67 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio is 32.59%.
In other news, Director Thomas M. Prame sold 2,250 shares of the stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $27.07, for a total transaction of $60,907.50. Following the completion of the sale, the director now owns 38,524 shares of the company’s stock, valued at $1,042,844.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.69% of the stock is owned by corporate insiders.
FMBI has been the topic of several analyst reports. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, July 18th. BidaskClub upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 22nd. Stephens lowered shares of First Midwest Bancorp from an “overweight” rating to an “equal weight” rating in a report on Friday, June 8th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $30.00 target price on shares of First Midwest Bancorp in a report on Thursday, July 26th. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $28.50 target price on shares of First Midwest Bancorp in a report on Thursday, July 26th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. First Midwest Bancorp currently has a consensus rating of “Hold” and a consensus target price of $29.30.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
Further Reading: Understanding Relative Strength Index
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