Mackay Shields LLC Lowers Holdings in First Midwest Bancorp Inc (NASDAQ:FMBI)

Mackay Shields LLC lessened its stake in First Midwest Bancorp Inc (NASDAQ:FMBI) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 219,773 shares of the financial services provider’s stock after selling 3,200 shares during the quarter. Mackay Shields LLC owned 0.20% of First Midwest Bancorp worth $4,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of FMBI. Hexavest Inc. raised its position in shares of First Midwest Bancorp by 126.0% in the 2nd quarter. Hexavest Inc. now owns 13,596 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 7,580 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of First Midwest Bancorp in the 2nd quarter worth about $2,252,000. AdvisorNet Financial Inc purchased a new position in shares of First Midwest Bancorp in the 2nd quarter worth about $31,000. Louisiana State Employees Retirement System raised its position in shares of First Midwest Bancorp by 4.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 41,600 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of First Midwest Bancorp by 1.7% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 41,900 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 700 shares during the last quarter. 82.31% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:FMBI traded up $0.23 during mid-day trading on Friday, reaching $22.06. The company’s stock had a trading volume of 444,000 shares, compared to its average volume of 538,187. The firm’s fifty day moving average price is $20.00 and its two-hundred day moving average price is $20.17. First Midwest Bancorp Inc has a 12-month low of $18.10 and a 12-month 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 stock has a market cap of $2.40 billion, a P/E ratio of 13.21 and a beta of 1.26.

First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. First Midwest Bancorp had a net margin of 22.55% and a return on equity of 9.51%. The firm had revenue of $193.74 million during the quarter, compared to analyst estimates of $191.95 million. During the same period last year, the firm posted $0.46 earnings per share. Analysts predict that First Midwest Bancorp Inc will post 1.97 earnings per share for the current fiscal year.

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

First Midwest Bancorp Company 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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