Allianz Asset Management GmbH Trims Position in First Midwest Bancorp Inc (FMBI)
Allianz Asset Management GmbH reduced its position in First Midwest Bancorp Inc (NASDAQ:FMBI) by 14.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,278,693 shares of the financial services provider’s stock after selling 208,294 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.24% of First Midwest Bancorp worth $29,947,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of FMBI. Fuller & Thaler Asset Management Inc. lifted its position in First Midwest Bancorp by 24,024.4% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,543,962 shares of the financial services provider’s stock worth $36,160,000 after purchasing an additional 1,537,562 shares during the period. Vanguard Group Inc. lifted its position in First Midwest Bancorp by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock worth $208,804,000 after purchasing an additional 1,037,378 shares during the period. BlackRock Inc. lifted its position in First Midwest Bancorp by 8.5% in the second quarter. BlackRock Inc. now owns 11,210,324 shares of the financial services provider’s stock worth $261,312,000 after purchasing an additional 873,753 shares during the period. State Street Corp lifted its position in First Midwest Bancorp by 21.5% in the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock worth $84,982,000 after purchasing an additional 644,968 shares during the period. Finally, Northern Trust Corp lifted its position in First Midwest Bancorp by 20.1% in the second quarter. Northern Trust Corp now owns 2,673,098 shares of the financial services provider’s stock worth $62,310,000 after purchasing an additional 446,786 shares during the period. 81.42% of the stock is owned by hedge funds and other institutional investors.
First Midwest Bancorp Inc (NASDAQ:FMBI) opened at $24.63 on Friday. The stock has a market capitalization of $2,527.13, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 2.49 and a beta of 1.17. First Midwest Bancorp Inc has a twelve month low of $20.50 and a twelve month high of $25.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 9th. Investors of record on Friday, December 22nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.62%. First Midwest Bancorp’s dividend payout ratio is 33.61%.
In related news, Director Patrick J. Mcdonnell sold 3,500 shares of First Midwest Bancorp stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, the director now directly owns 24,237 shares of the company’s stock, valued at $529,578.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.69% of the company’s stock.
A number of research analysts have issued reports on the company. Jefferies Group reissued a “buy” rating and set a $28.00 price objective on shares of First Midwest Bancorp in a report on Friday. ValuEngine raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Piper Jaffray Companies reissued a “buy” rating and set a $26.00 price objective on shares of First Midwest Bancorp in a report on Wednesday, October 4th. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $23.00 price objective on shares of First Midwest Bancorp in a report on Thursday, October 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. First Midwest Bancorp presently has an average rating of “Hold” and an average price target of $26.00.
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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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