California Public Employees Retirement System reduced its stake in First Midwest Bancorp Inc. (NASDAQ:FMBI) by 3.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,800 shares of the financial services provider’s stock after selling 8,000 shares during the period. California Public Employees Retirement System owned about 0.29% of First Midwest Bancorp worth $4,088,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP increased its stake in First Midwest Bancorp by 5.6% in the first quarter. Wellington Management Group LLP now owns 4,735,631 shares of the financial services provider’s stock valued at $85,336,000 after buying an additional 249,170 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in First Midwest Bancorp by 18.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,373,498 shares of the financial services provider’s stock valued at $42,771,000 after buying an additional 361,226 shares in the last quarter. Dalton Greiner Hartman Maher & Co. increased its stake in First Midwest Bancorp by 0.3% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 932,611 shares of the financial services provider’s stock valued at $16,377,000 after buying an additional 2,811 shares in the last quarter. Teachers Advisors Inc. increased its stake in First Midwest Bancorp by 295.2% in the first quarter. Teachers Advisors Inc. now owns 778,365 shares of the financial services provider’s stock valued at $14,026,000 after buying an additional 581,401 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in First Midwest Bancorp during the second quarter valued at $11,697,000. 82.14% of the stock is owned by institutional investors and hedge funds.

Shares of First Midwest Bancorp Inc. (NASDAQ:FMBI) traded up 1.00% during trading on Wednesday, hitting $19.25. 352,176 shares of the company traded hands. First Midwest Bancorp Inc. has a 52 week low of $14.56 and a 52 week high of $19.90. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 18.49 and a beta of 1.39. The company has a 50 day moving average price of $19.23 and a 200 day moving average price of $18.34.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 19th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. First Midwest Bancorp had a net margin of 16.58% and a return on equity of 7.72%. During the same period last year, the firm posted $0.29 earnings per share. On average, analysts expect that First Midwest Bancorp Inc. will post $1.18 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Friday, September 30th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.36 annualized dividend and a dividend yield of 1.87%. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 34.29%.

Several analysts have weighed in on FMBI shares. Macquarie raised shares of First Midwest Bancorp from a “neutral” rating to an “outperform” rating in a research note on Thursday, June 30th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Friday, July 1st. Piper Jaffray Cos. began coverage on shares of First Midwest Bancorp in a research report on Friday, June 10th. They issued a “neutral” rating and a $19.00 price objective on the stock. Sterne Agee CRT began coverage on shares of First Midwest Bancorp in a research report on Sunday, June 12th. They issued a “hold” rating on the stock. Finally, Jefferies Group restated a “buy” rating and issued a $21.00 price objective on shares of First Midwest Bancorp in a research report on Thursday, July 7th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $19.36.

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.

5 Day Chart for NASDAQ:FMBI

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