Bank of New York Mellon Corp raised its position in shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 18.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,483,563 shares of the financial services provider’s stock after buying an additional 380,112 shares during the period. Bank of New York Mellon Corp owned 2.42% of First Midwest Bancorp worth $57,890,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in First Midwest Bancorp by 13.6% in the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock worth $158,000 after buying an additional 801 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in First Midwest Bancorp during the first quarter worth about $177,000. Envestnet Asset Management Inc. boosted its stake in First Midwest Bancorp by 1.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after buying an additional 136 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in First Midwest Bancorp by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 8,950 shares of the financial services provider’s stock worth $211,000 after buying an additional 150 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in First Midwest Bancorp by 0.3% in the first quarter. IFP Advisors Inc now owns 9,012 shares of the financial services provider’s stock worth $213,000 after buying an additional 25 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Shares of First Midwest Bancorp, Inc. (FMBI) opened at 21.24 on Friday. The company’s 50-day moving average price is $21.92 and its 200 day moving average price is $23.01. First Midwest Bancorp, Inc. has a 12-month low of $18.75 and a 12-month high of $25.83. The firm has a market capitalization of $2.18 billion, a PE ratio of 18.22 and a beta of 1.15.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. The firm had revenue of $162.53 million during the quarter, compared to analysts’ expectations of $164.02 million. During the same quarter in the previous year, the company posted $0.32 EPS. On average, equities analysts forecast that First Midwest Bancorp, Inc. will post $1.30 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.40 annualized dividend and a yield of 1.88%. First Midwest Bancorp’s payout ratio is 34.19%.

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Several analysts recently weighed in on FMBI shares. Jefferies Group LLC reissued a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a report on Friday, August 11th. BidaskClub cut First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Friday. Piper Jaffray Companies raised First Midwest Bancorp from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $25.00 to $26.00 in a report on Monday, July 24th. Finally, FIG Partners raised First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $26.17.

In other news, Director Thomas Lynn Brown acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were acquired at an average price of $24.06 per share, for a total transaction of $72,180.00. Following the completion of the purchase, the director now owns 3,000 shares in the company, valued at $72,180. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.69% of the stock is currently owned by corporate insiders.

About First Midwest Bancorp

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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