Principal Financial Group Inc. Has $18.40 Million Position in First Midwest Bancorp Inc (FMBI)
Principal Financial Group Inc. lifted its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 785,466 shares of the financial services provider’s stock after buying an additional 155,318 shares during the quarter. Principal Financial Group Inc. owned 0.76% of First Midwest Bancorp worth $18,395,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of FMBI. Pacad Investment Ltd. boosted its stake in shares of First Midwest Bancorp by 41.9% in the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after buying an additional 1,300 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of First Midwest Bancorp by 40.9% in the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after buying an additional 1,800 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of First Midwest Bancorp by 17.6% in the second quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock valued at $183,000 after buying an additional 1,179 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Midwest Bancorp in the second quarter valued at approximately $213,000. Finally, MPS Loria Financial Planners LLC purchased a new stake in shares of First Midwest Bancorp in the second quarter valued at approximately $235,000. Hedge funds and other institutional investors own 80.91% of the company’s stock.
A number of analysts recently weighed in on FMBI shares. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $23.00 price target on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Jefferies Group LLC restated 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, Piper Jaffray Companies restated a “buy” rating and issued a $26.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, October 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $25.83.
In related news, Director Patrick J. Mcdonnell sold 3,500 shares of First Midwest Bancorp stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the transaction, the director now directly owns 24,237 shares of the company’s stock, valued at $529,578.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.69% of the company’s stock.
First Midwest Bancorp Inc (NASDAQ:FMBI) opened at $23.59 on Friday. The stock has a market capitalization of $2,423.38, a price-to-earnings ratio of 17.09, a P/E/G ratio of 2.39 and a beta of 1.15. First Midwest Bancorp Inc has a 1-year low of $20.50 and a 1-year high of $25.83. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm had revenue of $163.24 million during the quarter, compared to analysts’ expectations of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same period in the previous year, the firm posted $0.32 earnings per share. analysts predict that First Midwest Bancorp Inc will post 1.41 EPS for the current 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 dividend of $0.10 per share. The ex-dividend date is Thursday, December 21st. This represents a $0.40 annualized dividend and a yield of 1.70%. First Midwest Bancorp’s dividend payout ratio is presently 33.61%.
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About First Midwest Bancorp
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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