New York State Common Retirement Fund increased its holdings in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 4.8% in the first quarter, Holdings Channel reports. The institutional investor owned 105,300 shares of the financial services provider’s stock after purchasing an additional 4,800 shares during the quarter. New York State Common Retirement Fund’s holdings in First Midwest Bancorp were worth $2,154,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Toronto Dominion Bank bought a new stake in shares of First Midwest Bancorp during the fourth quarter worth approximately $25,000. Oregon Public Employees Retirement Fund bought a new stake in shares of First Midwest Bancorp during the fourth quarter worth approximately $40,000. Meeder Asset Management Inc. raised its stake in shares of First Midwest Bancorp by 151.2% during the first quarter. Meeder Asset Management Inc. now owns 12,518 shares of the financial services provider’s stock worth $256,000 after buying an additional 7,535 shares during the last quarter. Neuburgh Advisers LLC raised its stake in shares of First Midwest Bancorp by 20.5% during the fourth quarter. Neuburgh Advisers LLC now owns 12,976 shares of the financial services provider’s stock worth $257,000 after buying an additional 2,208 shares during the last quarter. Finally, Sciencast Management LP bought a new stake in shares of First Midwest Bancorp during the first quarter worth approximately $271,000. 81.30% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on FMBI shares. BidaskClub downgraded shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, March 6th. FIG Partners raised shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $26.08.
In other news, Director Arsdell Stephen C. Van acquired 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was purchased at an average price of $20.11 per share, for a total transaction of $50,275.00. Following the completion of the acquisition, the director now owns 16,500 shares in the company, valued at $331,815. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by insiders.
Shares of NASDAQ FMBI opened at $20.56 on Friday. The company has a market cap of $2.19 billion, a P/E ratio of 12.31, a PEG ratio of 1.50 and a beta of 1.27. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.55. First Midwest Bancorp Inc has a 52-week low of $18.10 and a 52-week high of $27.70.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $175.04 million during the quarter, compared to analysts’ expectations of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 earnings per share. As a group, equities research analysts predict that First Midwest Bancorp Inc will post 1.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Friday, June 28th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.56 dividend on an annualized basis and a yield of 2.72%. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s payout ratio is currently 28.74%.
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About First Midwest Bancorp
First Midwest Bancorp, Inc operates as the 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; 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 consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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