First Midwest Bancorp Inc (FMBI) Director Purchases $100,123.32 in Stock

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First Midwest Bancorp Inc (NASDAQ:FMBI) Director Frank Blaise Modruson acquired 4,444 shares of the stock in a transaction that occurred on Monday, October 29th. The stock was purchased at an average price of $22.53 per share, for a total transaction of $100,123.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of First Midwest Bancorp stock opened at $22.96 on Thursday. The company has a market cap of $2.36 billion, a PE ratio of 17.01, a P/E/G ratio of 1.96 and a beta of 1.15. First Midwest Bancorp Inc has a 1-year low of $21.25 and a 1-year high of $27.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.97 and a current ratio of 0.97.

First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $0.46 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. The business had revenue of $167.69 million for the quarter, compared to analysts’ expectations of $168.87 million. First Midwest Bancorp had a return on equity of 8.22% and a net margin of 17.04%. During the same period in the previous year, the firm posted $0.37 EPS. As a group, analysts expect that First Midwest Bancorp Inc will post 1.67 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio is currently 32.59%.

Several research firms recently issued reports on FMBI. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. BidaskClub upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $30.00 price objective on shares of First Midwest Bancorp in a report on Thursday, July 26th. Piper Jaffray Companies lifted their price objective on First Midwest Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $28.50 price objective on shares of First Midwest Bancorp in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $27.92.

Several institutional investors have recently modified their holdings of FMBI. BlackRock Inc. boosted its holdings in shares of First Midwest Bancorp by 8.4% during the 2nd quarter. BlackRock Inc. now owns 14,432,580 shares of the financial services provider’s stock worth $367,598,000 after purchasing an additional 1,122,474 shares during the last quarter. Glenmede Trust Co. NA boosted its holdings in shares of First Midwest Bancorp by 458,482.6% during the 2nd quarter. Glenmede Trust Co. NA now owns 1,027,225 shares of the financial services provider’s stock worth $26,164,000 after purchasing an additional 1,027,001 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of First Midwest Bancorp by 54.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,062,714 shares of the financial services provider’s stock worth $52,537,000 after purchasing an additional 730,815 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of First Midwest Bancorp during the 2nd quarter worth approximately $9,064,000. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of First Midwest Bancorp by 2,229.2% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 366,545 shares of the financial services provider’s stock worth $9,336,000 after purchasing an additional 350,808 shares during the last quarter. Institutional investors and hedge funds own 82.75% of the company’s stock.

About First Midwest Bancorp

First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.

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