State Street Corp lifted its stake in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 21.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,645,798 shares of the financial services provider’s stock after buying an additional 644,968 shares during the quarter. State Street Corp owned about 3.55% of First Midwest Bancorp worth $84,982,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. New York State Common Retirement Fund increased its stake in First Midwest Bancorp by 23.9% in the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock worth $2,545,000 after acquiring an additional 21,099 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock worth $4,447,000 after acquiring an additional 25,470 shares during the last quarter. Bank of New York Mellon Corp increased its stake in First Midwest Bancorp by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after acquiring an additional 380,112 shares during the last quarter. Cipher Capital LP increased its stake in First Midwest Bancorp by 153.6% in the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after acquiring an additional 50,358 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in First Midwest Bancorp by 146.9% in the 1st quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock worth $20,400,000 after acquiring an additional 512,609 shares during the last quarter. 80.92% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on FMBI shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $23.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $26.00 target price on shares of First Midwest Bancorp in a report on Wednesday, October 4th. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. ValuEngine cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, FIG Partners cut First Midwest Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $26.00 to $25.00 in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. First Midwest Bancorp currently has an average rating of “Hold” and an average target price of $25.83.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the sale, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.69% of the company’s stock.
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Shares of First Midwest Bancorp, Inc. (FMBI) traded up $0.10 during mid-day trading on Friday, hitting $22.50. The company’s stock had a trading volume of 399,200 shares, compared to its average volume of 777,569. First Midwest Bancorp, Inc. has a twelve month low of $20.50 and a twelve month high of $25.83. The stock has a market cap of $2,301.13, a PE ratio of 16.23, a price-to-earnings-growth ratio of 2.27 and a beta of 1.15. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The business had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same period in the prior year, the business earned $0.32 EPS. analysts forecast that First Midwest Bancorp, Inc. will post 1.41 EPS for the current fiscal year.
First Midwest Bancorp Company Profile
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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