PineBridge Investments L.P. increased its position in First Midwest Bancorp Inc. (NASDAQ:FMBI) by 7.8% during the second quarter, Holdings Channel reports. The firm owned 10,314 shares of the financial services provider’s stock after buying an additional 743 shares during the period. PineBridge Investments L.P.’s holdings in First Midwest Bancorp were worth $181,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of FMBI. Dynamic Technology Lab Private Ltd bought a new stake in shares of First Midwest Bancorp during the second quarter worth about $1,630,000. Vanguard Group Inc. boosted its stake in shares of First Midwest Bancorp by 5.5% in the second quarter. Vanguard Group Inc. now owns 6,325,678 shares of the financial services provider’s stock worth $111,079,000 after buying an additional 332,380 shares during the period. Principal Financial Group Inc. boosted its stake in shares of First Midwest Bancorp by 6.1% in the second quarter. Principal Financial Group Inc. now owns 583,049 shares of the financial services provider’s stock worth $10,238,000 after buying an additional 33,712 shares during the period. Prudential Financial Inc. boosted its stake in shares of First Midwest Bancorp by 21.6% in the second quarter. Prudential Financial Inc. now owns 328,856 shares of the financial services provider’s stock worth $5,775,000 after buying an additional 58,420 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of First Midwest Bancorp by 7.2% in the second quarter. Dimensional Fund Advisors LP now owns 6,811,462 shares of the financial services provider’s stock worth $119,607,000 after buying an additional 458,739 shares during the period. 82.14% of the stock is currently owned by institutional investors and hedge funds.
Shares of First Midwest Bancorp Inc. (NASDAQ:FMBI) traded up 0.47% during trading on Friday, hitting $19.10. The stock had a trading volume of 11,234 shares. The stock has a 50 day moving average of $19.30 and a 200 day moving average of $18.40. The company has a market cap of $1.55 billion, a PE ratio of 18.35 and a beta of 1.39. First Midwest Bancorp Inc. has a 12 month low of $14.56 and a 12 month high of $19.90.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a return on equity of 7.72% and a net margin of 16.58%. During the same period last year, the company earned $0.29 earnings per share. Equities analysts forecast that First Midwest Bancorp Inc. will post $1.19 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Friday, September 30th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Wednesday, September 28th. First Midwest Bancorp’s payout ratio is currently 34.29%.
A number of analysts recently issued reports on the company. Zacks Investment Research cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 6th. Jefferies Group reissued a “buy” rating and set a $21.00 price objective on shares of First Midwest Bancorp in a report on Thursday, July 7th. Macquarie raised First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a report on Thursday, June 30th. Sterne Agee CRT started coverage on First Midwest Bancorp in a report on Sunday, June 12th. They set a “hold” rating on the stock. Finally, Piper Jaffray Cos. started coverage on First Midwest Bancorp in a report on Friday, June 10th. They issued a “neutral” rating and a $19.00 price target on the stock. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $19.36.
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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