Cetera Advisors LLC Takes $249,000 Position in First Midwest Bancorp Inc (NASDAQ:FMBI)

Cetera Advisors LLC acquired a new stake in First Midwest Bancorp Inc (NASDAQ:FMBI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,133 shares of the financial services provider’s stock, valued at approximately $249,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in First Midwest Bancorp by 11.1% during the fourth quarter. Geode Capital Management LLC now owns 1,197,710 shares of the financial services provider’s stock valued at $23,726,000 after purchasing an additional 119,855 shares during the last quarter. Rhumbline Advisers lifted its position in First Midwest Bancorp by 2.0% during the first quarter. Rhumbline Advisers now owns 325,977 shares of the financial services provider’s stock valued at $6,669,000 after purchasing an additional 6,289 shares during the last quarter. Comerica Bank lifted its position in First Midwest Bancorp by 6.1% during the first quarter. Comerica Bank now owns 133,587 shares of the financial services provider’s stock valued at $2,836,000 after purchasing an additional 7,634 shares during the last quarter. Texas Permanent School Fund lifted its position in First Midwest Bancorp by 4.2% during the first quarter. Texas Permanent School Fund now owns 72,548 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 2,932 shares during the last quarter. Finally, IndexIQ Advisors LLC bought a new stake in First Midwest Bancorp during the first quarter valued at approximately $1,572,000. Institutional investors own 82.32% of the company’s stock.

Shares of FMBI opened at $20.05 on Thursday. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97. First Midwest Bancorp Inc has a fifty-two week low of $18.10 and a fifty-two week high of $27.52. The firm has a 50 day moving average price of $19.71 and a 200-day moving average price of $20.61.

First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.03. The firm had revenue of $190.02 million during the quarter, compared to analyst estimates of $187.13 million. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. As a group, equities research analysts predict that First Midwest Bancorp Inc will post 1.95 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Friday, September 27th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.79%. First Midwest Bancorp’s payout ratio is 33.53%.

Several brokerages have issued reports on FMBI. DA Davidson dropped their target price on shares of First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. FIG Partners upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 16th. Raymond James lowered shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, BidaskClub lowered shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. First Midwest Bancorp currently has a consensus rating of “Hold” and an average price target of $24.00.

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

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