First Midwest Bancorp, Inc. (FMBI) Stake Decreased by Prudential Financial Inc.

Prudential Financial Inc. lowered its holdings in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 64.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 199,326 shares of the financial services provider’s stock after selling 369,180 shares during the quarter. Prudential Financial Inc. owned 0.19% of First Midwest Bancorp worth $4,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. raised its stake in shares of First Midwest Bancorp by 13.6% in the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 801 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of First Midwest Bancorp in the first quarter worth $177,000. Envestnet Asset Management Inc. raised its stake in shares of First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 136 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of First Midwest Bancorp in the second quarter worth $247,000. Finally, Suntrust Banks Inc. raised its stake in shares of First Midwest Bancorp by 1.5% in the first quarter. Suntrust Banks Inc. now owns 13,745 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 205 shares during the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

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In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.69% of the company’s stock.

Shares of First Midwest Bancorp, Inc. (NASDAQ FMBI) opened at 22.34 on Wednesday. The company has a 50 day moving average price of $21.47 and a 200 day moving average price of $22.74. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 19.16 and a beta of 1.15. First Midwest Bancorp, Inc. has a one year low of $18.75 and a one year high of $25.83.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $162.53 million for the quarter, compared to analysts’ expectations of $164.02 million. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. During the same quarter in the prior year, the company posted $0.32 EPS. Equities analysts predict that First Midwest Bancorp, Inc. will post $1.30 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.79%. First Midwest Bancorp’s dividend payout ratio (DPR) is 34.19%.

Several research analysts have recently weighed in on FMBI shares. Jefferies Group LLC restated a “buy” rating and issued a $27.00 price target on shares of First Midwest Bancorp in a research note on Friday, August 11th. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Friday, July 7th. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. ValuEngine cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, FIG Partners cut First Midwest Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $26.00 to $25.00 in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $26.17.

First Midwest Bancorp Profile

First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.

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

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