Skyline Asset Management LP Cuts Stake in First Midwest Bancorp, Inc. (FMBI)
Skyline Asset Management LP decreased its position in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 1.1% during the fourth quarter, Holdings Channel reports. The firm owned 1,114,271 shares of the financial services provider’s stock after selling 12,100 shares during the period. First Midwest Bancorp makes up about 1.9% of Skyline Asset Management LP’s portfolio, making the stock its 10th largest position. Skyline Asset Management LP owned 1.37% of First Midwest Bancorp worth $28,113,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in FMBI. Russell Investments Group Ltd. bought a new position in First Midwest Bancorp during the fourth quarter worth $13,063,000. BlackRock Fund Advisors raised its position in First Midwest Bancorp by 8.3% in the third quarter. BlackRock Fund Advisors now owns 5,537,850 shares of the financial services provider’s stock worth $107,213,000 after buying an additional 426,715 shares during the period. Vanguard Group Inc. raised its position in First Midwest Bancorp by 5.5% in the second quarter. Vanguard Group Inc. now owns 6,325,678 shares of the financial services provider’s stock worth $111,079,000 after buying an additional 332,380 shares during the period. State Street Corp raised its position in First Midwest Bancorp by 5.8% in the fourth quarter. State Street Corp now owns 2,350,108 shares of the financial services provider’s stock worth $59,293,000 after buying an additional 128,467 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in First Midwest Bancorp during the second quarter worth $1,630,000. 81.17% of the stock is currently owned by institutional investors.
First Midwest Bancorp, Inc. (NASDAQ:FMBI) traded up 0.45% during midday trading on Thursday, reaching $24.76. The company’s stock had a trading volume of 1,107,993 shares. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 21.72 and a beta of 1.22. The company has a 50 day moving average price of $24.58 and a 200 day moving average price of $21.74. First Midwest Bancorp, Inc. has a 1-year low of $15.64 and a 1-year high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, January 24th. The financial services provider reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. First Midwest Bancorp had a return on equity of 7.79% and a net margin of 17.08%. During the same period in the prior year, the company posted $0.29 earnings per share. On average, equities research analysts expect that First Midwest Bancorp, Inc. will post $1.45 EPS for the current year.
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FMBI has been the topic of a number of recent research reports. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Tuesday, December 20th. SunTrust Banks, Inc. initiated coverage on First Midwest Bancorp in a research note on Tuesday, December 20th. They set a “buy” rating and a $28.00 price objective on the stock. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 price objective on shares of First Midwest Bancorp in a research note on Sunday, December 11th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $22.19.
In related news, Director Robert P. Omeara sold 20,200 shares of First Midwest Bancorp stock in a transaction on Monday, November 28th. The stock was sold at an average price of $24.08, for a total value of $486,416.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert P. Diedrich sold 7,673 shares of First Midwest Bancorp stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $23.70, for a total value of $181,850.10. The disclosure for this sale can be found here. Insiders sold a total of 176,056 shares of company stock valued at $4,251,689 over the last ninety days. 2.48% of the stock is currently owned by company insiders.
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.
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