Stone Ridge Asset Management LLC Purchases 7,234 Shares of First Midwest Bancorp Inc (FMBI)

Stone Ridge Asset Management LLC lifted its stake in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 68.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,818 shares of the financial services provider’s stock after purchasing an additional 7,234 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in First Midwest Bancorp were worth $353,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its stake in shares of First Midwest Bancorp by 15.1% in the third quarter. Russell Investments Group Ltd. now owns 106,197 shares of the financial services provider’s stock worth $2,824,000 after acquiring an additional 13,901 shares during the last quarter. Victory Capital Management Inc. boosted its stake in First Midwest Bancorp by 51.0% during the third quarter. Victory Capital Management Inc. now owns 24,724 shares of the financial services provider’s stock worth $657,000 after buying an additional 8,346 shares in the last quarter. Wells Fargo & Company MN boosted its stake in First Midwest Bancorp by 1.6% during the third quarter. Wells Fargo & Company MN now owns 303,951 shares of the financial services provider’s stock worth $8,081,000 after buying an additional 4,902 shares in the last quarter. Prudential Financial Inc. boosted its stake in First Midwest Bancorp by 136.1% during the third quarter. Prudential Financial Inc. now owns 410,232 shares of the financial services provider’s stock worth $10,908,000 after buying an additional 236,466 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of First Midwest Bancorp by 12.9% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,627 shares of the financial services provider’s stock valued at $655,000 after purchasing an additional 2,821 shares in the last quarter. Institutional investors own 82.16% of the company’s stock.

Several equities research analysts have recently commented on FMBI shares. Piper Jaffray Companies set a $26.00 target price on shares of First Midwest Bancorp and gave the company a “buy” rating in a research note on Friday, January 25th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Friday, January 4th. Raymond James downgraded shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Monday, January 7th. Finally, BidaskClub upgraded shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. First Midwest Bancorp presently has a consensus rating of “Hold” and an average target price of $26.08.

In other news, Director Kathryn Hayley acquired 7,000 shares of the company’s stock in a transaction on Thursday, January 24th. The stock was purchased at an average cost of $21.51 per share, with a total value of $150,570.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael L. Scudder sold 30,000 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $23.31, for a total value of $699,300.00. Following the sale, the chief executive officer now directly owns 97,784 shares of the company’s stock, valued at $2,279,345.04. The disclosure for this sale can be found here. Insiders own 1.47% of the company’s stock.

Shares of First Midwest Bancorp stock traded down $0.40 during trading on Friday, reaching $21.02. The company’s stock had a trading volume of 325,172 shares, compared to its average volume of 472,717. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.54. First Midwest Bancorp Inc has a one year low of $18.10 and a one year high of $27.70. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.52 and a beta of 1.25.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, January 22nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.01). First Midwest Bancorp had a net margin of 21.67% and a return on equity of 8.88%. The business had revenue of $175.09 million during the quarter, compared to the consensus estimate of $173.47 million. During the same period in the prior year, the firm earned $0.34 earnings per share. As a group, sell-side analysts anticipate that First Midwest Bancorp Inc will post 1.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Friday, March 22nd were issued a $0.12 dividend. The ex-dividend date was Thursday, March 21st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.28%. First Midwest Bancorp’s dividend payout ratio is 28.74%.

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First Midwest Bancorp 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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Institutional Ownership by Quarter for First Midwest Bancorp (NASDAQ:FMBI)

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