IndexIQ Advisors LLC Sells 12,585 Shares of First Midwest Bancorp Inc (NASDAQ:FMBI)

IndexIQ Advisors LLC cut its position in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 24.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,644 shares of the financial services provider’s stock after selling 12,585 shares during the period. IndexIQ Advisors LLC’s holdings in First Midwest Bancorp were worth $914,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Municipal Employees Retirement System of Michigan raised its position in First Midwest Bancorp by 2.0% during the fourth quarter. Municipal Employees Retirement System of Michigan now owns 33,810 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 670 shares during the period. Russell Investments Group Ltd. raised its position in First Midwest Bancorp by 1.0% during the fourth quarter. Russell Investments Group Ltd. now owns 90,918 shares of the financial services provider’s stock valued at $2,094,000 after purchasing an additional 883 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in First Midwest Bancorp by 17.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,002 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 1,026 shares during the period. AdvisorNet Financial Inc raised its position in First Midwest Bancorp by 100.0% during the third quarter. AdvisorNet Financial Inc now owns 3,066 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 1,533 shares during the period. Finally, California State Teachers Retirement System raised its position in First Midwest Bancorp by 1.2% during the third quarter. California State Teachers Retirement System now owns 166,048 shares of the financial services provider’s stock valued at $3,235,000 after purchasing an additional 1,983 shares during the period. 82.22% of the stock is owned by institutional investors.

Shares of FMBI stock opened at $21.02 on Friday. First Midwest Bancorp Inc has a 1 year low of $18.29 and a 1 year high of $23.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.99 and a quick ratio of 0.99. The stock’s 50 day simple moving average is $21.74 and its two-hundred day simple moving average is $20.85. The company has a market cap of $2.34 billion, a PE ratio of 10.70 and a beta of 1.28.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. First Midwest Bancorp had a return on equity of 9.41% and a net margin of 23.08%. The business had revenue of $194.86 million for the quarter, compared to the consensus estimate of $192.33 million. Equities research analysts expect that First Midwest Bancorp Inc will post 1.93 EPS for the current year.

A number of equities research analysts have issued reports on FMBI shares. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. ValuEngine upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, BidaskClub downgraded First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $22.50.

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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