Meeder Asset Management Inc. Boosts Stake in First Midwest Bancorp Inc (FMBI)

Meeder Asset Management Inc. lifted its position in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 151.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,518 shares of the financial services provider’s stock after buying an additional 7,535 shares during the quarter. Meeder Asset Management Inc.’s holdings in First Midwest Bancorp were worth $256,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sciencast Management LP bought a new position in shares of First Midwest Bancorp during the 1st quarter worth approximately $271,000. First Hawaiian Bank boosted its holdings in shares of First Midwest Bancorp by 11.7% during the 1st quarter. First Hawaiian Bank now owns 17,421 shares of the financial services provider’s stock worth $356,000 after buying an additional 1,828 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of First Midwest Bancorp by 22.3% during the 4th quarter. Deutsche Bank AG now owns 279,508 shares of the financial services provider’s stock worth $5,534,000 after buying an additional 50,882 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of First Midwest Bancorp by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock worth $23,726,000 after buying an additional 119,855 shares in the last quarter. Finally, Norges Bank bought a new position in shares of First Midwest Bancorp during the 4th quarter worth approximately $23,280,000. 82.16% of the stock is owned by institutional investors.

Shares of NASDAQ:FMBI opened at $21.24 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.54. First Midwest Bancorp Inc has a twelve month low of $18.10 and a twelve month high of $27.70. The company has a market cap of $2.20 billion, a PE ratio of 12.72, a PEG ratio of 1.52 and a beta of 1.25.

First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. First Midwest Bancorp had a return on equity of 8.88% and a net margin of 21.67%. The company had revenue of $175.04 million for the quarter, compared to analyst estimates of $175.47 million. During the same period in the prior year, the firm earned $0.33 earnings per share. First Midwest Bancorp’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities analysts predict that First Midwest Bancorp Inc will post 1.97 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 22nd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Thursday, March 21st. First Midwest Bancorp’s payout ratio is 28.74%.

In other news, CEO Michael L. Scudder sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $23.31, for a total transaction of $699,300.00. Following the transaction, the chief executive officer now directly owns 97,784 shares of the company’s stock, valued at $2,279,345.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn Hayley bought 7,000 shares of the stock in a transaction dated Thursday, January 24th. The shares were purchased at an average cost of $21.51 per share, for a total transaction of $150,570.00. The disclosure for this purchase can be found here. 1.47% of the stock is owned by corporate insiders.

A number of equities analysts have issued reports on the company. BidaskClub upgraded First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, March 29th. Zacks Investment Research cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, January 7th. Piper Jaffray Companies set a $26.00 price target on First Midwest Bancorp and gave the stock a “buy” rating in a report on Friday, January 25th. Finally, Raymond James lowered First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $26.08.

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

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