WBI Investments Inc. purchased a new position in shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 79,063 shares of the financial services provider’s stock, valued at approximately $1,843,000. WBI Investments Inc. owned approximately 0.08% of First Midwest Bancorp at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of First Midwest Bancorp by 49,897.9% during the 1st quarter. BlackRock Inc. now owns 10,336,571 shares of the financial services provider’s stock worth $244,770,000 after buying an additional 10,315,897 shares in the last quarter. Vanguard Group Inc. raised its position in shares of First Midwest Bancorp by 15.1% during the 1st quarter. Vanguard Group Inc. now owns 7,920,350 shares of the financial services provider’s stock worth $187,554,000 after buying an additional 1,037,514 shares in the last quarter. Wellington Management Group LLP raised its position in shares of First Midwest Bancorp by 8.5% during the 1st quarter. Wellington Management Group LLP now owns 5,144,949 shares of the financial services provider’s stock worth $121,832,000 after buying an additional 402,445 shares in the last quarter. State Street Corp raised its position in shares of First Midwest Bancorp by 27.7% during the 1st quarter. State Street Corp now owns 3,000,830 shares of the financial services provider’s stock worth $71,057,000 after buying an additional 650,722 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of First Midwest Bancorp by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

A number of analysts have commented on FMBI shares. FIG Partners upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Friday, May 19th. BidaskClub upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research report on Sunday, June 11th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Friday, July 7th. Finally, Piper Jaffray Companies upgraded shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $25.00 to $26.00 in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $26.17.

Shares of First Midwest Bancorp, Inc. (NASDAQ FMBI) opened at 22.38 on Thursday. The company has a 50 day moving average of $21.54 and a 200-day moving average of $22.83. The company has a market capitalization of $2.30 billion, a P/E ratio of 19.19 and a beta of 1.15. First Midwest Bancorp, Inc. has a 12-month low of $18.75 and a 12-month 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 analysts’ consensus estimates of $0.36 by ($0.01). First Midwest Bancorp had a return on equity of 7.81% and a net margin of 17.30%. The company had revenue of $162.53 million for the quarter, compared to the consensus estimate of $164.02 million. During the same period in the prior year, the company earned $0.32 EPS. On average, equities analysts anticipate that First Midwest Bancorp, Inc. will post $1.30 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, September 28th. First Midwest Bancorp’s dividend payout ratio is currently 34.19%.

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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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