Russell Investments Group Ltd. Buys 9,902 Shares of First Midwest Bancorp Inc (NASDAQ:FMBI)

Russell Investments Group Ltd. boosted its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 12.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,011 shares of the financial services provider’s stock after purchasing an additional 9,902 shares during the period. Russell Investments Group Ltd. owned approximately 0.09% of First Midwest Bancorp worth $1,880,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan grew its position in shares of First Midwest Bancorp by 1.8% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 31,960 shares of the financial services provider’s stock valued at $654,000 after acquiring an additional 550 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of First Midwest Bancorp by 1.7% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 41,900 shares of the financial services provider’s stock valued at $858,000 after acquiring an additional 700 shares during the period. Providence Wealth Advisors LLC grew its position in shares of First Midwest Bancorp by 0.6% during the 2nd quarter. Providence Wealth Advisors LLC now owns 215,373 shares of the financial services provider’s stock valued at $4,463,000 after acquiring an additional 1,217 shares during the period. Ausdal Financial Partners Inc. grew its position in shares of First Midwest Bancorp by 5.0% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 26,610 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 1,269 shares during the period. Finally, Mason Street Advisors LLC grew its position in shares of First Midwest Bancorp by 3.9% during the 1st quarter. Mason Street Advisors LLC now owns 34,315 shares of the financial services provider’s stock valued at $702,000 after acquiring an additional 1,278 shares during the period. 82.31% of the stock is owned by institutional investors and hedge funds.

Shares of FMBI traded up $0.28 during trading hours on Thursday, reaching $20.13. 7,771 shares of the stock traded hands, compared to its average volume of 527,850. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. First Midwest Bancorp Inc has a 52-week low of $18.10 and a 52-week high of $27.52. The company’s 50-day moving average price is $19.54 and its two-hundred day moving average price is $20.51. The company has a market cap of $2.22 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 1.47 and a beta of 1.27.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. The company had revenue of $190.02 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter in the previous year, the company earned $0.40 EPS. First Midwest Bancorp’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, research analysts forecast that First Midwest Bancorp Inc will post 1.95 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Friday, September 27th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, September 26th. First Midwest Bancorp’s dividend payout ratio (DPR) is 33.53%.

FMBI has been the subject of a number of recent research reports. DA Davidson cut their price objective 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. Zacks Investment Research raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. BidaskClub raised shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Finally, Raymond James downgraded shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. 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 stock. First Midwest Bancorp has a consensus rating of “Hold” and an average price target of $24.00.

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

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