IndexIQ Advisors LLC Purchases New Holdings in First Midwest Bancorp Inc (FMBI)

IndexIQ Advisors LLC purchased a new position in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 76,849 shares of the financial services provider’s stock, valued at approximately $1,572,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FMBI. Toronto Dominion Bank purchased a new position in shares of First Midwest Bancorp during the 4th quarter worth $25,000. Oregon Public Employees Retirement Fund purchased a new position in shares of First Midwest Bancorp during the 4th quarter worth $40,000. Meeder Asset Management Inc. purchased a new position in shares of First Midwest Bancorp during the 4th quarter worth $99,000. Quantamental Technologies LLC purchased a new position in shares of First Midwest Bancorp during the 4th quarter worth $139,000. Finally, Signition LP purchased a new position in shares of First Midwest Bancorp during the 4th quarter worth $222,000. Institutional investors and hedge funds own 82.25% of the company’s stock.

In related news, CEO Michael L. Scudder sold 30,000 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $23.31, for a total transaction of $699,300.00. Following the completion of the transaction, the chief executive officer now directly owns 97,784 shares in the company, valued at approximately $2,279,345.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

A number of equities analysts have recently weighed in on FMBI shares. BidaskClub cut First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 6th. Piper Jaffray Companies set a $26.00 target price on First Midwest Bancorp and gave the company a “buy” rating in a report on Friday, January 25th. Finally, FIG Partners upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. First Midwest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $26.08.

Shares of First Midwest Bancorp stock opened at $20.28 on Friday. First Midwest Bancorp Inc has a 12 month low of $18.10 and a 12 month high of $27.70. The stock has a market cap of $2.17 billion, a P/E ratio of 11.27, a PEG ratio of 1.48 and a beta of 1.25. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.97 and a quick ratio of 0.97.

First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $175.47 million. During the same period last year, the business posted $0.33 EPS. First Midwest Bancorp’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities analysts expect that First Midwest Bancorp Inc will post 1.95 EPS for the current fiscal year.

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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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