Banc Funds Co. LLC Reduces Holdings in First Midwest Bancorp, Inc. (FMBI)
Banc Funds Co. LLC cut its position in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 27.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,163,507 shares of the financial services provider’s stock after selling 433,033 shares during the quarter. First Midwest Bancorp accounts for about 1.2% of Banc Funds Co. LLC’s holdings, making the stock its 13th biggest holding. Banc Funds Co. LLC owned about 1.13% of First Midwest Bancorp worth $27,121,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Highbridge Capital Management LLC raised its position in First Midwest Bancorp by 231.2% in the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock valued at $5,931,000 after purchasing an additional 174,825 shares during the last quarter. Citadel Advisors LLC bought a new position in First Midwest Bancorp in the first quarter valued at about $7,621,000. Bank of New York Mellon Corp raised its position in First Midwest Bancorp by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock valued at $57,890,000 after purchasing an additional 380,112 shares during the last quarter. Cipher Capital LP raised its position in First Midwest Bancorp by 153.6% in the second quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock valued at $1,938,000 after purchasing an additional 50,358 shares during the last quarter. Finally, United Services Automobile Association raised its position in First Midwest Bancorp by 72.6% in the first quarter. United Services Automobile Association now owns 1,036,966 shares of the financial services provider’s stock valued at $24,555,000 after purchasing an additional 436,260 shares during the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $162.53 million during the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.32 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Thursday, September 28th. First Midwest Bancorp’s payout ratio is 34.19%.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.69% of the company’s stock.
FMBI has been the subject of several research reports. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Piper Jaffray Companies upgraded First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the company from $25.00 to $26.00 in a research report on Monday, July 24th. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 target price on shares of First Midwest Bancorp in a research report on Sunday, June 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus 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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