Raymond James & Associates lifted its stake in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 32.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 67,644 shares of the financial services provider’s stock after purchasing an additional 16,651 shares during the period. Raymond James & Associates owned 0.07% of First Midwest Bancorp worth $1,723,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of FMBI. Summit Trail Advisors LLC increased its stake in shares of First Midwest Bancorp by 2,114.0% during the 1st quarter. Summit Trail Advisors LLC now owns 150,664 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 143,859 shares during the last quarter. FSI Group LLC purchased a new stake in shares of First Midwest Bancorp during the 2nd quarter worth approximately $214,000. Brown Advisory Inc. purchased a new stake in shares of First Midwest Bancorp during the 1st quarter worth approximately $254,000. Hsbc Holdings PLC purchased a new stake in shares of First Midwest Bancorp during the 1st quarter worth approximately $365,000. Finally, Victory Capital Management Inc. increased its stake in shares of First Midwest Bancorp by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 16,378 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 2,246 shares during the last quarter. Institutional investors own 82.45% of the company’s stock.
First Midwest Bancorp stock opened at $25.16 on Friday. First Midwest Bancorp Inc has a 1-year low of $22.03 and a 1-year high of $27.70. The company has a market capitalization of $2.74 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.28 and a beta of 1.15. 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 (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $165.39 million during the quarter, compared to analyst estimates of $161.80 million. During the same period in the previous year, the business earned $0.35 EPS. First Midwest Bancorp’s revenue was up .7% compared to the same quarter last year. Sell-side analysts forecast that First Midwest Bancorp Inc will post 1.67 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.75%. The ex-dividend date was Thursday, September 27th. First Midwest Bancorp’s payout ratio is 32.59%.
In other First Midwest Bancorp news, Director Thomas M. Prame sold 2,250 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $27.07, for a total value of $60,907.50. Following the completion of the transaction, the director now directly owns 38,524 shares of the company’s stock, valued at approximately $1,042,844.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.47% of the stock is owned by company insiders.
A number of research firms recently weighed in on FMBI. Zacks Investment Research lowered shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. BidaskClub upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $30.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Piper Jaffray Companies lifted their price objective on shares of First Midwest Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $28.50 price objective on shares of First Midwest Bancorp in a research note 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. The stock has an average rating of “Hold” and an average target price of $29.50.
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.
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