Legal & General Group Plc Boosts Stake in First Midwest Bancorp, Inc. (FMBI)

Legal & General Group Plc boosted its stake in shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 15.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 165,161 shares of the financial services provider’s stock after buying an additional 21,869 shares during the quarter. Legal & General Group Plc owned 0.16% of First Midwest Bancorp worth $3,850,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in First Midwest Bancorp by 13.6% during the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after buying an additional 801 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of First Midwest Bancorp in the first quarter valued at approximately $177,000. Envestnet Asset Management Inc. grew its position in shares of First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 136 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of First Midwest Bancorp in the second quarter valued at approximately $247,000. Finally, Suntrust Banks Inc. grew its position in shares of First Midwest Bancorp by 1.5% in the first quarter. Suntrust Banks Inc. now owns 13,745 shares of the financial services provider’s stock valued at $325,000 after purchasing an additional 205 shares during the last quarter. Institutional investors own 80.93% of the company’s stock.

First Midwest Bancorp, Inc. (NASDAQ:FMBI) opened at 22.54 on Friday. The stock has a market cap of $2.32 billion, a P/E ratio of 19.33 and a beta of 1.15. First Midwest Bancorp, Inc. has a 52 week low of $18.75 and a 52 week high of $25.83. The stock has a 50 day moving average of $21.47 and a 200-day moving average of $22.74.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $162.53 million for the quarter, compared to the consensus estimate of $164.02 million. First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. During the same period in the prior year, the business earned $0.32 earnings per share. Analysts forecast that First Midwest Bancorp, Inc. will post $1.30 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Thursday, September 28th. First Midwest Bancorp’s payout ratio is presently 34.19%.

FMBI has been the topic of several research reports. Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their price target for the company from $25.00 to $26.00 in a research report on Monday, July 24th. Zacks Investment Research raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. ValuEngine downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research note on Sunday, June 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $26.17.

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In other news, Director Patrick J. Mcdonnell sold 3,500 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the sale, the director now owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.69% of the company’s stock.

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.

Institutional Ownership by Quarter for First Midwest Bancorp (NASDAQ:FMBI)

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