Pinebridge Investments L.P. Boosts Holdings in First Midwest Bancorp Inc (NASDAQ:FMBI)

Pinebridge Investments L.P. increased its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,483 shares of the financial services provider’s stock after purchasing an additional 2,324 shares during the period. Pinebridge Investments L.P. owned 0.08% of First Midwest Bancorp worth $1,668,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FMBI. AdvisorNet Financial Inc purchased a new position in First Midwest Bancorp in the 2nd quarter worth approximately $31,000. Rockefeller Capital Management L.P. raised its holdings in shares of First Midwest Bancorp by 83.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,533 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 696 shares in the last quarter. Pearl River Capital LLC purchased a new stake in shares of First Midwest Bancorp during the 2nd quarter worth approximately $88,000. Virginia Retirement Systems ET AL purchased a new stake in shares of First Midwest Bancorp during the 2nd quarter worth approximately $203,000. Finally, Atria Investments LLC purchased a new stake in shares of First Midwest Bancorp during the 2nd quarter worth approximately $205,000. 82.31% of the stock is currently owned by institutional investors.

Several analysts have recently issued reports on FMBI shares. DA Davidson decreased their price objective on First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. BidaskClub raised First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, Raymond James cut First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, four 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 a consensus price target of $24.00.

Shares of NASDAQ FMBI traded down $0.24 during trading hours on Tuesday, hitting $19.82. 10,714 shares of the company traded hands, compared to its average volume of 526,821. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.46 and a beta of 1.27. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. The company’s 50 day moving average price is $19.61 and its 200 day moving average price is $20.55. First Midwest Bancorp Inc has a 12 month low of $18.10 and a 12 month high of $27.52.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.03. The firm had revenue of $190.02 million for the quarter, compared to the consensus estimate of $187.13 million. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 23.58%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. Equities analysts anticipate that First Midwest Bancorp Inc will post 1.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Friday, September 27th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, September 26th. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 33.53%.

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

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