Icon Advisers Inc. Co. lowered its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 75.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 24,327 shares of the financial services provider’s stock after selling 73,500 shares during the quarter. Icon Advisers Inc. Co.’s holdings in First Midwest Bancorp were worth $647,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in FMBI. FSI Group LLC purchased a new position in First Midwest Bancorp in the 2nd quarter valued at $214,000. Brown Advisory Inc. purchased a new position in First Midwest Bancorp in the 1st quarter valued at $254,000. First Hawaiian Bank purchased a new position in First Midwest Bancorp in the 3rd quarter valued at $365,000. Victory Capital Management Inc. lifted its holdings in First Midwest Bancorp by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 16,378 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 2,246 shares in the last quarter. Finally, Xact Kapitalforvaltning AB lifted its holdings in First Midwest Bancorp by 20.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 20,932 shares of the financial services provider’s stock valued at $533,000 after purchasing an additional 3,500 shares in the last quarter. 82.77% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the company. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Zacks Investment Research upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Friday, October 5th. Piper Jaffray Companies lifted their price target on First Midwest Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $30.00 price target on shares of First Midwest Bancorp in a report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. First Midwest Bancorp has an average rating of “Hold” and an average target price of $27.92.

In related news, Director Frank Blaise Modruson purchased 4,444 shares of First Midwest Bancorp stock in a transaction dated Monday, October 29th. The shares were acquired at an average price of $22.53 per share, for a total transaction of $100,123.32. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.69% of the stock is owned by insiders.

NASDAQ FMBI opened at $23.18 on Friday. First Midwest Bancorp Inc has a 52 week low of $21.25 and a 52 week high of $27.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $2.40 billion, a PE ratio of 15.25, a P/E/G ratio of 2.00 and a beta of 1.21.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. First Midwest Bancorp had a return on equity of 8.22% and a net margin of 17.04%. The business had revenue of $167.69 million for the quarter, compared to analyst estimates of $168.87 million. During the same quarter in the previous year, the firm earned $0.37 EPS. Sell-side analysts expect that First Midwest Bancorp Inc will post 1.67 earnings per share for the current fiscal year.

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First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto 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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