Wells Fargo & Company MN grew its stake in shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 356,379 shares of the financial services provider’s stock after purchasing an additional 12,652 shares during the quarter. Wells Fargo & Company MN owned approximately 0.35% of First Midwest Bancorp worth $8,307,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FMBI. UBS Asset Management Americas Inc. boosted its stake in shares of First Midwest Bancorp by 60.9% during the first quarter. UBS Asset Management Americas Inc. now owns 46,196 shares of the financial services provider’s stock valued at $1,094,000 after purchasing an additional 17,484 shares during the period. Karp Capital Management Corp purchased a new stake in shares of First Midwest Bancorp during the first quarter valued at approximately $543,000. Sei Investments Co. boosted its stake in shares of First Midwest Bancorp by 16,807.6% during the first quarter. Sei Investments Co. now owns 70,843 shares of the financial services provider’s stock valued at $1,678,000 after purchasing an additional 70,424 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of First Midwest Bancorp by 5.2% during the first quarter. Parametric Portfolio Associates LLC now owns 165,288 shares of the financial services provider’s stock valued at $3,914,000 after purchasing an additional 8,171 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of First Midwest Bancorp during the first quarter valued at approximately $177,000. 80.94% of the stock is owned by hedge funds and other institutional investors.

First Midwest Bancorp, Inc. (NASDAQ:FMBI) opened at 23.27 on Friday. The company’s 50 day moving average price is $22.01 and its 200-day moving average price is $22.66. First Midwest Bancorp, Inc. has a one year low of $18.75 and a one year high of $25.83. The company has a market cap of $2.39 billion, a P/E ratio of 19.96 and a beta of 1.16.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors 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 1.72%. The ex-dividend date of this dividend is Thursday, September 28th. First Midwest Bancorp’s payout ratio is currently 34.19%.

FMBI has been the subject of a number of analyst reports. BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating and set a $27.00 price objective on shares of First Midwest Bancorp in a research note on Sunday, June 11th. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Friday, July 7th. Piper Jaffray Companies raised First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $25.00 to $26.00 in a research note on Monday, July 24th. Finally, FIG Partners lowered First Midwest Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $26.00 to $25.00 in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $26.17.

In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the business’s stock in a transaction 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 in the company, valued at approximately $529,578.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.69% of the stock is owned by insiders.

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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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