Schwab Charles Investment Management Inc. Increases Position in First Midwest Bancorp Inc (FMBI)

Schwab Charles Investment Management Inc. boosted its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 23.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 489,382 shares of the financial services provider’s stock after buying an additional 91,971 shares during the period. Schwab Charles Investment Management Inc. owned 0.48% of First Midwest Bancorp worth $11,462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. increased its position in First Midwest Bancorp by 8.5% in the second quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock worth $261,312,000 after buying an additional 873,753 shares during the period. Vanguard Group Inc. increased its position in First Midwest Bancorp by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock worth $208,804,000 after buying an additional 1,037,378 shares during the period. State Street Corp increased its position in First Midwest Bancorp by 21.5% in the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock worth $84,982,000 after buying an additional 644,968 shares during the period. Northern Trust Corp increased its position in First Midwest Bancorp by 20.1% in the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock worth $62,310,000 after buying an additional 446,786 shares during the period. Finally, Macquarie Group Ltd. increased its position in First Midwest Bancorp by 7.3% in the third quarter. Macquarie Group Ltd. now owns 2,567,930 shares of the financial services provider’s stock worth $60,141,000 after buying an additional 175,213 shares during the period. 81.33% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Robert P. Omeara sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $24.56, for a total transaction of $1,228,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.69% of the company’s stock.

Several equities research analysts have weighed in on the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $29.00 target price on shares of First Midwest Bancorp in a research report on Tuesday. Sandler O’Neill set a $26.00 target price on First Midwest Bancorp and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Jefferies Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of First Midwest Bancorp in a research report on Friday, December 8th. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $23.00 price target on shares of First Midwest Bancorp in a research note on Thursday, October 26th. One investment 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 an average rating of “Hold” and an average price target of $26.17.

First Midwest Bancorp Inc (FMBI) opened at $25.74 on Friday. First Midwest Bancorp Inc has a 52 week low of $20.50 and a 52 week high of $25.86. The stock has a market capitalization of $2,640.00, a price-to-earnings ratio of 21.63, a PEG ratio of 2.21 and a beta of 1.17. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. The company had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. research analysts expect that First Midwest Bancorp Inc will post 1.41 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 9th. Investors of record on Friday, December 22nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.40 annualized dividend and a yield of 1.55%. First Midwest Bancorp’s dividend payout ratio is currently 33.61%.

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About First Midwest Bancorp

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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