Rothschild & Co. Asset Management US Inc. cut its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 0.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 521,948 shares of the financial services provider’s stock after selling 652 shares during the period. Rothschild & Co. Asset Management US Inc.’s holdings in First Midwest Bancorp were worth $10,679,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Morgan Stanley increased its holdings in First Midwest Bancorp by 68.2% in the 3rd quarter. Morgan Stanley now owns 419,491 shares of the financial services provider’s stock worth $11,155,000 after acquiring an additional 170,022 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in First Midwest Bancorp in the 4th quarter worth about $99,000. Bank of Montreal Can increased its holdings in First Midwest Bancorp by 2.7% in the 4th quarter. Bank of Montreal Can now owns 31,331 shares of the financial services provider’s stock worth $620,000 after acquiring an additional 812 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in First Midwest Bancorp in the 4th quarter worth about $139,000. Finally, Arizona State Retirement System increased its holdings in First Midwest Bancorp by 9.5% in the 4th quarter. Arizona State Retirement System now owns 163,829 shares of the financial services provider’s stock worth $3,245,000 after acquiring an additional 14,183 shares during the last quarter. Institutional investors own 81.70% of the company’s stock.
Shares of FMBI opened at $20.44 on Friday. First Midwest Bancorp Inc has a fifty-two week low of $18.10 and a fifty-two week high of $27.70. The stock has a market capitalization of $2.19 billion, a P/E ratio of 12.24, a PEG ratio of 1.52 and a beta of 1.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.55.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. First Midwest Bancorp had a return on equity of 9.33% and a net margin of 22.44%. The company had revenue of $175.04 million during the quarter, compared to analyst estimates of $175.47 million. During the same quarter last year, the firm posted $0.33 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts expect that First Midwest Bancorp Inc will post 1.95 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Thursday, June 27th. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.12. First Midwest Bancorp’s payout ratio is presently 28.74%.
Several equities research analysts recently weighed in on FMBI shares. BidaskClub lowered First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 6th. FIG Partners raised First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. First Midwest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $26.08.
In related news, Director Arsdell Stephen C. Van bought 2,500 shares of First Midwest Bancorp stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $20.11 per share, with a total value of $50,275.00. Following the acquisition, the director now directly owns 16,500 shares of the company’s stock, valued at $331,815. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.
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About First Midwest Bancorp
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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