IndexIQ Advisors LLC Purchases 119,036 Shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI)

IndexIQ Advisors LLC boosted its position in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 644.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 137,501 shares of the financial services provider’s stock after purchasing an additional 119,036 shares during the quarter. IndexIQ Advisors LLC owned approximately 0.12% of First Midwest Bancorp worth $2,614,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FMBI. Fuller & Thaler Asset Management Inc. increased its holdings in shares of First Midwest Bancorp by 9.7% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 10,114,165 shares of the financial services provider’s stock valued at $200,564,000 after acquiring an additional 892,690 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of First Midwest Bancorp by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 7,511,004 shares of the financial services provider’s stock valued at $148,942,000 after acquiring an additional 40,858 shares in the last quarter. State Street Corp increased its holdings in shares of First Midwest Bancorp by 10.0% during the second quarter. State Street Corp now owns 6,577,693 shares of the financial services provider’s stock valued at $131,368,000 after acquiring an additional 595,399 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of First Midwest Bancorp by 1.6% during the third quarter. Pzena Investment Management LLC now owns 3,624,298 shares of the financial services provider’s stock valued at $68,898,000 after acquiring an additional 58,399 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of First Midwest Bancorp by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,932,251 shares of the financial services provider’s stock valued at $38,316,000 after acquiring an additional 28,953 shares in the last quarter. Institutional investors and hedge funds own 81.12% of the company’s stock.

A number of brokerages recently commented on FMBI. Keefe, Bruyette & Woods upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Sunday, December 19th. Zacks Investment Research lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, December 27th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $23.13.

Shares of NASDAQ FMBI opened at $22.55 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50 day simple moving average is $20.63 and its 200-day simple moving average is $19.43. First Midwest Bancorp, Inc. has a 12 month low of $16.39 and a 12 month high of $24.28. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 14.64 and a beta of 1.13.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Monday, October 18th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $190.38 million during the quarter, compared to analysts’ expectations of $189.86 million. First Midwest Bancorp had a net margin of 24.54% and a return on equity of 8.33%. During the same quarter in the previous year, the company earned $0.33 earnings per share. Analysts anticipate that First Midwest Bancorp, Inc. will post 1.71 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Monday, December 6th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, December 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.48%. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 36.36%.

First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc is a bank holding company, which engages in the provision of commercial and retail banking services. It offers a full range of commercial, retail, treasury management, and wealth management products and services to commercial and industrial, agricultural, 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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