Icon Advisers Inc. Co. Raises Stake in First Midwest Bancorp Inc (FMBI)
Icon Advisers Inc. Co. grew its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 14.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,000 shares of the financial services provider’s stock after purchasing an additional 6,800 shares during the period. Icon Advisers Inc. Co. owned about 0.05% of First Midwest Bancorp worth $1,241,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of FMBI. Pacad Investment Ltd. increased its holdings in shares of First Midwest Bancorp by 41.9% in the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,300 shares during the period. Quantbot Technologies LP acquired a new position in shares of First Midwest Bancorp in the 3rd quarter valued at about $118,000. Riverhead Capital Management LLC increased its holdings in shares of First Midwest Bancorp by 40.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,800 shares during the period. Victory Capital Management Inc. increased its holdings in shares of First Midwest Bancorp by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 1,179 shares during the period. Finally, CIBC Asset Management Inc acquired a new position in shares of First Midwest Bancorp in the 3rd quarter valued at about $201,000. Institutional investors own 80.91% of the company’s stock.
In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the stock in a transaction that occurred 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 transaction, the director now owns 24,237 shares in the company, valued at $529,578.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.69% of the company’s stock.
FMBI has been the topic of a number of research reports. ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a report on Friday, August 11th. Piper Jaffray Companies reiterated a “buy” rating and issued a $26.00 target price on shares of First Midwest Bancorp in a report on Wednesday, October 4th. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $23.00 target price on shares of First Midwest Bancorp in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. First Midwest Bancorp currently has a consensus rating of “Hold” and a consensus target price of $25.83.
First Midwest Bancorp Inc (NASDAQ FMBI) opened at $23.59 on Friday. First Midwest Bancorp Inc has a twelve month low of $20.50 and a twelve month high of $25.83. The company has a market capitalization of $2,448.03, a P/E ratio of 17.27, a P/E/G ratio of 2.41 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 8.21% and a net margin of 23.42%. The firm had revenue of $163.24 million for the quarter, compared to the consensus estimate of $164.81 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. analysts expect that First Midwest Bancorp Inc will post 1.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 9th. Investors of record on Friday, December 22nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. First Midwest Bancorp’s dividend payout ratio is currently 33.61%.
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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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