Skyline Asset Management LP trimmed its stake in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 31.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 569,942 shares of the financial services provider’s stock after selling 260,800 shares during the period. First Midwest Bancorp comprises about 2.0% of Skyline Asset Management LP’s portfolio, making the stock its 14th largest position. Skyline Asset Management LP owned about 0.53% of First Midwest Bancorp worth $11,661,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently modified their holdings of FMBI. BlackRock Inc. raised its stake in First Midwest Bancorp by 3.1% in the 3rd quarter. BlackRock Inc. now owns 14,880,774 shares of the financial services provider’s stock worth $395,680,000 after purchasing an additional 448,194 shares in the last quarter. Vanguard Group Inc. raised its position in shares of First Midwest Bancorp by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 10,293,600 shares of the financial services provider’s stock valued at $273,707,000 after buying an additional 155,942 shares in the last quarter. Vanguard Group Inc raised its position in shares of First Midwest Bancorp by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 10,293,600 shares of the financial services provider’s stock valued at $273,707,000 after buying an additional 155,942 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of First Midwest Bancorp by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,978,181 shares of the financial services provider’s stock valued at $138,238,000 after buying an additional 211,441 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in shares of First Midwest Bancorp by 0.9% in the 4th quarter. Macquarie Group Ltd. now owns 2,743,719 shares of the financial services provider’s stock valued at $54,353,000 after buying an additional 24,542 shares in the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
NASDAQ:FMBI opened at $21.05 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.96 and a current ratio of 0.96. First Midwest Bancorp Inc has a 52 week low of $18.10 and a 52 week high of $27.70. The firm has a market capitalization of $2.25 billion, a PE ratio of 12.60, a PEG ratio of 1.54 and a beta of 1.25.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, March 21st. This represents a $0.48 annualized dividend and a yield of 2.28%. First Midwest Bancorp’s payout ratio is 28.74%.
In other First Midwest Bancorp news, CEO Michael L. Scudder sold 30,000 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $23.31, for a total transaction of $699,300.00. Following the transaction, the chief executive officer now owns 97,784 shares in the company, valued at $2,279,345.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.47% of the company’s stock.
A number of equities analysts recently issued reports on the stock. BidaskClub upgraded shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, March 29th. Piper Jaffray Companies set a $26.00 price objective on shares of First Midwest Bancorp and gave the stock a “buy” rating in a research report on Friday, January 25th. Zacks Investment Research lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, January 7th. Finally, Raymond James lowered shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a 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 given a buy rating to the company. First Midwest Bancorp currently has a consensus rating of “Hold” and an average price target of $26.08.
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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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