California Public Employees Retirement System cut its holdings in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 3.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 206,000 shares of the financial services provider’s stock after selling 7,400 shares during the quarter. California Public Employees Retirement System owned about 0.20% of First Midwest Bancorp worth $4,802,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in First Midwest Bancorp by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock valued at $57,890,000 after buying an additional 380,112 shares during the last quarter. Cipher Capital LP raised its stake in First Midwest Bancorp by 153.6% in the second quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock valued at $1,938,000 after buying an additional 50,358 shares during the last quarter. Bank of America Corp DE raised its stake in First Midwest Bancorp by 146.9% in the first quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock valued at $20,400,000 after buying an additional 512,609 shares during the last quarter. Federated Investors Inc. PA raised its stake in First Midwest Bancorp by 329.6% in the second quarter. Federated Investors Inc. PA now owns 456,188 shares of the financial services provider’s stock valued at $10,634,000 after buying an additional 350,001 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in First Midwest Bancorp in the second quarter valued at about $247,000. Institutional investors own 80.94% of the company’s stock.

First Midwest Bancorp, Inc. (FMBI) opened at 23.66 on Friday. First Midwest Bancorp, Inc. has a one year low of $18.75 and a one year high of $25.83. The stock has a 50 day moving average price of $22.62 and a 200-day moving average price of $22.67. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 20.29 and a beta of 1.16.

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

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Friday, September 29th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Thursday, September 28th. First Midwest Bancorp’s payout ratio is 34.19%.

A number of research firms have commented on FMBI. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. Piper Jaffray Companies reiterated a “buy” rating and issued a $26.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, October 4th. ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a research note on Friday, August 11th. Finally, BidaskClub cut First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $26.17.

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In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction 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 $529,578.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.69% of the company’s stock.

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

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