Man Group plc grew its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 25.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,929 shares of the financial services provider’s stock after acquiring an additional 15,142 shares during the quarter. Man Group plc owned 0.07% of First Midwest Bancorp worth $1,992,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. California Public Employees Retirement System increased its stake in shares of First Midwest Bancorp by 10.1% in the 2nd quarter. California Public Employees Retirement System now owns 254,670 shares of the financial services provider’s stock valued at $6,486,000 after acquiring an additional 23,341 shares during the last quarter. Zeke Capital Advisors LLC bought a new stake in shares of First Midwest Bancorp in the 3rd quarter valued at about $453,000. FSI Group LLC increased its stake in shares of First Midwest Bancorp by 91.6% in the 3rd quarter. FSI Group LLC now owns 16,115 shares of the financial services provider’s stock valued at $428,000 after acquiring an additional 7,706 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of First Midwest Bancorp by 1.6% in the 3rd quarter. Wells Fargo & Company MN now owns 303,951 shares of the financial services provider’s stock valued at $8,081,000 after acquiring an additional 4,902 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its stake in shares of First Midwest Bancorp by 458,482.6% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,027,225 shares of the financial services provider’s stock valued at $26,164,000 after acquiring an additional 1,027,001 shares during the last quarter. 80.35% of the stock is owned by institutional investors.
In other news, Director Frank Blaise Modruson purchased 4,444 shares of First Midwest Bancorp stock in a transaction on Monday, October 29th. The stock was purchased at an average price of $22.53 per share, with a total value of $100,123.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.47% of the company’s stock.
Shares of FMBI opened at $21.22 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.97 and a quick ratio of 0.97. First Midwest Bancorp Inc has a 52-week low of $18.10 and a 52-week high of $27.70. The company has a market capitalization of $2.24 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.49 and a beta of 1.27.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.46. First Midwest Bancorp had a return on equity of 8.22% and a net margin of 17.04%. The business had revenue of $167.69 million during the quarter, compared to analyst estimates of $168.87 million. During the same period in the previous year, the firm earned $0.37 EPS. Equities analysts forecast that First Midwest Bancorp Inc will post 1.66 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 8th. Shareholders of record on Friday, December 21st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, December 20th. This represents a $0.48 dividend on an annualized basis and a yield of 2.26%. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.11. First Midwest Bancorp’s dividend payout ratio is 35.56%.
A number of brokerages have recently commented on FMBI. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Raymond James set a $25.00 price objective on First Midwest Bancorp and gave the company a “buy” rating in a research report on Thursday, October 25th. ValuEngine lowered First Midwest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, November 15th. Finally, Piper Jaffray Companies set a $26.00 price objective on First Midwest Bancorp and gave the company a “buy” rating in a research report on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $26.08.
First Midwest Bancorp Profile
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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