Pzena Investment Management LLC Grows Holdings in First Midwest Bancorp, Inc. (FMBI)
Pzena Investment Management LLC raised its position in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 3.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,325,864 shares of the financial services provider’s stock after acquiring an additional 47,760 shares during the quarter. Pzena Investment Management LLC owned approximately 1.29% of First Midwest Bancorp worth $31,052,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in First Midwest Bancorp by 8.5% in the 2nd quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock valued at $261,312,000 after acquiring an additional 873,753 shares in the last quarter. Vanguard Group Inc. grew its position in First Midwest Bancorp by 13.1% in the 2nd quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock valued at $208,804,000 after acquiring an additional 1,037,378 shares in the last quarter. State Street Corp grew its position in First Midwest Bancorp by 21.5% in the 2nd quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after acquiring an additional 644,968 shares in the last quarter. Northern Trust Corp grew its position in First Midwest Bancorp by 20.1% in the 2nd quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock valued at $62,310,000 after acquiring an additional 446,786 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in First Midwest Bancorp by 18.1% in the 2nd 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 acquiring an additional 380,112 shares in the last quarter. 80.92% of the stock is owned by institutional investors.
Shares of First Midwest Bancorp, Inc. (FMBI) traded up $0.10 on Friday, hitting $22.50. The stock had a trading volume of 397,059 shares, compared to its average volume of 533,105. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market cap of $2,301.13, a PE ratio of 16.23, a PEG ratio of 2.27 and a beta of 1.15. First Midwest Bancorp, Inc. has a fifty-two week low of $20.50 and a fifty-two week high of $25.83.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. The business 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 quarter last year, the business posted $0.32 EPS. research analysts forecast that First Midwest Bancorp, Inc. will post 1.41 EPS for the current fiscal year.
In other news, Director Patrick J. Mcdonnell sold 3,500 shares of First Midwest Bancorp stock in a transaction dated 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 transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.69% of the company’s stock.
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FMBI has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $23.00 target price on shares of First Midwest Bancorp in a research report on Thursday, October 26th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $26.00 target price on shares of First Midwest Bancorp in a research report on Wednesday, October 4th. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, FIG Partners downgraded First Midwest Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $26.00 to $25.00 in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $25.83.
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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