Citigroup Inc. Grows Stock Holdings in First Midwest Bancorp, Inc. (NASDAQ:FMBI)

Citigroup Inc. lifted its stake in First Midwest Bancorp, Inc. (NASDAQ:FMBI) by 513.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 575,044 shares of the financial services provider’s stock after purchasing an additional 481,339 shares during the quarter. Citigroup Inc. owned about 0.50% of First Midwest Bancorp worth $11,403,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Rafferty Asset Management LLC raised its position in shares of First Midwest Bancorp by 22.3% in the 2nd quarter. Rafferty Asset Management LLC now owns 116,813 shares of the financial services provider’s stock valued at $2,316,000 after purchasing an additional 21,297 shares during the last quarter. Wesbanco Bank Inc. raised its position in shares of First Midwest Bancorp by 131.9% in the 2nd quarter. Wesbanco Bank Inc. now owns 46,797 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 26,619 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of First Midwest Bancorp by 6.1% in the 2nd quarter. Mutual of America Capital Management LLC now owns 16,254 shares of the financial services provider’s stock valued at $322,000 after purchasing an additional 940 shares during the last quarter. Sei Investments Co. raised its position in shares of First Midwest Bancorp by 23.8% in the 2nd quarter. Sei Investments Co. now owns 20,208 shares of the financial services provider’s stock valued at $401,000 after purchasing an additional 3,883 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of First Midwest Bancorp by 53.2% in the 2nd quarter. American Century Companies Inc. now owns 16,128 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 5,601 shares during the last quarter. 80.79% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently commented on FMBI. Piper Sandler raised shares of First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $20.40 to $22.67 in a research report on Tuesday, August 17th. Raymond James reiterated a “market perform” rating on shares of First Midwest Bancorp in a report on Wednesday, June 2nd. Finally, Zacks Investment Research downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 26th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.17.

Shares of NASDAQ:FMBI opened at $17.66 on Tuesday. First Midwest Bancorp, Inc. has a twelve month low of $10.38 and a twelve month high of $24.28. The company’s 50 day moving average is $18.28 and its 200 day moving average is $20.18. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.62. The company has a market cap of $2.02 billion, a PE ratio of 13.48 and a beta of 1.25.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Monday, July 19th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $190.56 million for the quarter, compared to analysts’ expectations of $189.05 million. First Midwest Bancorp had a net margin of 21.08% and a return on equity of 7.77%. During the same quarter last year, the company earned $0.19 EPS. Equities research analysts predict that First Midwest Bancorp, Inc. will post 1.7 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 12th. Stockholders of record on Friday, September 24th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 23rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.17%. First Midwest Bancorp’s payout ratio is 47.46%.

About First Midwest Bancorp

First Midwest Bancorp, Inc is a bank holding company, which engages in the provision of commercial and retail banking services. It offers a full range of commercial, retail, treasury management, and wealth management products and services to commercial and industrial, agricultural, commercial real estate, municipal, and consumer customers.

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Institutional Ownership by Quarter for First Midwest Bancorp (NASDAQ:FMBI)

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