Corvid Peak Capital Management LLC Sells 965,210 Shares of First Midwest Bancorp Inc (NASDAQ:FMBI)

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Corvid Peak Capital Management LLC lowered its holdings in First Midwest Bancorp Inc (NASDAQ:FMBI) by 80.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 231,644 shares of the financial services provider’s stock after selling 965,210 shares during the quarter. First Midwest Bancorp accounts for about 33.9% of Corvid Peak Capital Management LLC’s investment portfolio, making the stock its 2nd largest position. Corvid Peak Capital Management LLC owned about 0.21% of First Midwest Bancorp worth $4,512,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP grew its holdings in First Midwest Bancorp by 4.1% in the 3rd quarter. First Trust Advisors LP now owns 146,690 shares of the financial services provider’s stock valued at $2,858,000 after buying an additional 5,761 shares during the last quarter. Comerica Bank grew its holdings in First Midwest Bancorp by 2.0% in the 3rd quarter. Comerica Bank now owns 134,958 shares of the financial services provider’s stock valued at $2,745,000 after buying an additional 2,602 shares during the last quarter. California Public Employees Retirement System grew its holdings in First Midwest Bancorp by 44.6% in the 3rd quarter. California Public Employees Retirement System now owns 283,903 shares of the financial services provider’s stock valued at $5,530,000 after buying an additional 87,625 shares during the last quarter. State of Tennessee Treasury Department grew its holdings in First Midwest Bancorp by 43.2% in the 3rd quarter. State of Tennessee Treasury Department now owns 96,120 shares of the financial services provider’s stock valued at $1,872,000 after buying an additional 29,018 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its holdings in shares of First Midwest Bancorp by 3.7% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 33,140 shares of the financial services provider’s stock worth $646,000 after purchasing an additional 1,180 shares in the last quarter. 82.31% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:FMBI opened at $22.06 on Friday. The firm has a market capitalization of $2.40 billion, a PE ratio of 13.21 and a beta of 1.26. First Midwest Bancorp Inc has a 1-year low of $18.10 and a 1-year high of $24.00. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.81. The business’s 50 day moving average is $20.00 and its 200-day moving average is $20.17.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. The company had revenue of $193.74 million during the quarter, compared to the consensus estimate of $191.95 million. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 22.55%. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, sell-side analysts predict that First Midwest Bancorp Inc will post 1.97 EPS for the current year.

Several brokerages have recently weighed in on FMBI. ValuEngine raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. DA Davidson decreased their price objective on First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Zacks Investment Research raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Stephens raised First Midwest Bancorp from an “equal” rating to an “overweight” rating and lifted their price objective for the stock from $21.00 to $23.00 in a report on Tuesday, October 8th. Finally, BidaskClub raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $23.50.

First Midwest Bancorp Profile

First Midwest Bancorp, Inc operates as the 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; 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 consumer secured 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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