Peregrine Capital Management LLC boosted its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 334,653 shares of the financial services provider’s stock after purchasing an additional 4,794 shares during the period. Peregrine Capital Management LLC’s holdings in First Midwest Bancorp were worth $4,468,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in First Midwest Bancorp by 71.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 45,346 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 18,889 shares during the period. Geode Capital Management LLC increased its position in First Midwest Bancorp by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 1,581,386 shares of the financial services provider’s stock valued at $20,929,000 after acquiring an additional 107,294 shares during the period. Principal Financial Group Inc. increased its position in First Midwest Bancorp by 14.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,571,602 shares of the financial services provider’s stock valued at $20,800,000 after acquiring an additional 201,116 shares during the period. Nuveen Asset Management LLC increased its position in First Midwest Bancorp by 11.3% in the 1st quarter. Nuveen Asset Management LLC now owns 646,471 shares of the financial services provider’s stock valued at $8,556,000 after acquiring an additional 65,886 shares during the period. Finally, First Citizens Bank & Trust Co. acquired a new position in First Midwest Bancorp in the 2nd quarter valued at about $163,000. Hedge funds and other institutional investors own 80.65% of the company’s stock.
Shares of FMBI opened at $12.14 on Friday. The stock’s 50 day moving average is $12.85 and its two-hundred day moving average is $15.30. The firm has a market capitalization of $1.39 billion, a PE ratio of 9.33 and a beta of 1.30. The company has a current ratio of 1.01, a quick ratio of 1.02 and a debt-to-equity ratio of 0.96. First Midwest Bancorp Inc has a twelve month low of $10.31 and a twelve month high of $23.64.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Friday, June 26th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.61%. The ex-dividend date was Thursday, June 25th. First Midwest Bancorp’s dividend payout ratio (DPR) is 28.28%.
In related news, COO Mark G. Sander acquired 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $75,000.00. Following the transaction, the chief operating officer now directly owns 3,000 shares of the company’s stock, valued at approximately $75,000. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frank Blaise Modruson acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average price of $14.64 per share, with a total value of $58,560.00. Following the completion of the transaction, the director now directly owns 9,745 shares in the company, valued at $142,666.80. The disclosure for this purchase can be found here. Insiders have bought a total of 12,400 shares of company stock worth $268,560 in the last three months. Corporate insiders own 1.10% of the company’s stock.
FMBI has been the topic of several recent research reports. Janney Montgomery Scott restated a “buy” rating and issued a $13.50 price target on shares of First Midwest Bancorp in a research report on Sunday, June 21st. BidaskClub lowered First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, June 26th. ValuEngine raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research lowered First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, SunTrust Banks lowered their price objective on First Midwest Bancorp from $14.00 to $13.00 and set a “hold” rating on the stock in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. First Midwest Bancorp currently has an average rating of “Hold” and a consensus target price of $17.50.
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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