California Public Employees Retirement System boosted its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 44.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 283,903 shares of the financial services provider’s stock after acquiring an additional 87,625 shares during the quarter. California Public Employees Retirement System owned 0.26% of First Midwest Bancorp worth $5,530,000 at the end of the most recent reporting period.
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A number of other hedge funds and other institutional investors have also made changes to their positions in FMBI. Corvid Peak Capital Management LLC bought a new position in shares of First Midwest Bancorp during the 2nd quarter valued at about $24,224,000. Nuveen Asset Management LLC purchased a new stake in First Midwest Bancorp in the 2nd quarter worth approximately $20,951,000. Vanguard Group Inc. lifted its holdings in First Midwest Bancorp by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 11,417,939 shares of the financial services provider’s stock worth $233,725,000 after buying an additional 384,593 shares during the period. Macquarie Group Ltd. lifted its holdings in First Midwest Bancorp by 9.6% in the 2nd quarter. Macquarie Group Ltd. now owns 3,043,915 shares of the financial services provider’s stock worth $62,309,000 after buying an additional 267,239 shares during the period. Finally, State of New Jersey Common Pension Fund D purchased a new stake in First Midwest Bancorp in the 3rd quarter worth approximately $4,858,000. Institutional investors and hedge funds own 81.72% of the company’s stock.
FMBI stock opened at $21.45 on Monday. First Midwest Bancorp Inc has a twelve month low of $18.10 and a twelve month high of $24.00. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average of $20.56 and a 200 day moving average of $20.21. The firm has a market cap of $2.35 billion, a PE ratio of 12.84 and a beta of 1.26.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.03. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 22.55%. The firm had revenue of $193.74 million for the quarter, compared to analysts’ expectations of $191.95 million. During the same period in the previous year, the firm posted $0.46 earnings per share. On average, research analysts expect that First Midwest Bancorp Inc will post 1.98 earnings per share for the current fiscal year.
Several equities research analysts have weighed in on FMBI shares. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Stephens upgraded First Midwest Bancorp from an “equal” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $23.00 in a report on Tuesday, October 8th. DA Davidson dropped their price objective on First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. BidaskClub cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, ValuEngine upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $23.50.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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