Mackay Shields LLC Sells 3,200 Shares of First Midwest Bancorp Inc (NASDAQ:FMBI)

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Mackay Shields LLC reduced its position in First Midwest Bancorp Inc (NASDAQ:FMBI) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 219,773 shares of the financial services provider’s stock after selling 3,200 shares during the quarter. Mackay Shields LLC’s holdings in First Midwest Bancorp were worth $4,281,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FMBI. BlackRock Inc. raised its holdings in First Midwest Bancorp by 1.3% in the second quarter. BlackRock Inc. now owns 15,819,311 shares of the financial services provider’s stock worth $323,822,000 after purchasing an additional 206,954 shares in the last quarter. Vanguard Group Inc. raised its holdings in First Midwest Bancorp by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,417,939 shares of the financial services provider’s stock worth $233,725,000 after purchasing an additional 384,593 shares in the last quarter. Macquarie Group Ltd. raised its holdings in First Midwest Bancorp by 9.6% in the second quarter. Macquarie Group Ltd. now owns 3,043,915 shares of the financial services provider’s stock worth $62,309,000 after purchasing an additional 267,239 shares in the last quarter. Northern Trust Corp raised its holdings in First Midwest Bancorp by 9.8% in the second quarter. Northern Trust Corp now owns 2,173,464 shares of the financial services provider’s stock worth $44,490,000 after purchasing an additional 193,534 shares in the last quarter. Finally, Pzena Investment Management LLC raised its holdings in First Midwest Bancorp by 1.0% in the second quarter. Pzena Investment Management LLC now owns 1,512,005 shares of the financial services provider’s stock worth $30,951,000 after purchasing an additional 14,729 shares in the last quarter. Hedge funds and other institutional investors own 82.31% of the company’s stock.

First Midwest Bancorp stock traded up $0.23 during trading hours on Friday, reaching $22.06. The stock had a trading volume of 444,000 shares, compared to its average volume of 538,187. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.99 and a quick ratio of 0.97. First Midwest Bancorp Inc has a 52 week low of $18.10 and a 52 week high of $24.00. The business’s 50 day moving average price is $20.00 and its 200-day moving average price is $20.17. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 13.21 and a beta of 1.26.

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

A number of equities analysts have commented on the stock. BidaskClub upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday. ValuEngine upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 29th. DA Davidson reduced their target price on shares of First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Stephens upgraded shares of First Midwest Bancorp from an “equal” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $23.00 in a report on Tuesday, October 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. First Midwest Bancorp currently has a consensus rating of “Buy” and a consensus price target of $23.50.

About First Midwest Bancorp

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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