First Midwest Bancorp, Inc. to Post Q4 2017 Earnings of $0.35 Per Share, FIG Partners Forecasts (FMBI)
First Midwest Bancorp, Inc. (NASDAQ:FMBI) – Stock analysts at FIG Partners cut their Q4 2017 earnings per share (EPS) estimates for First Midwest Bancorp in a report released on Friday. FIG Partners analyst J. Rodis now expects that the financial services provider will post earnings of $0.35 per share for the quarter, down from their prior forecast of $0.36. FIG Partners currently has a “Market Perform” rating and a $25.00 target price on the stock. FIG Partners also issued estimates for First Midwest Bancorp’s Q1 2018 earnings at $0.34 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.39 EPS, Q4 2018 earnings at $0.42 EPS and FY2018 earnings at $1.53 EPS.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. The firm had revenue of $163.24 million during the quarter, compared to the consensus estimate of $164.81 million. During the same quarter in the previous year, the business earned $0.32 earnings per share. COPYRIGHT VIOLATION NOTICE: This report was published by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was copied illegally and republished in violation of U.S. and international copyright legislation. The legal version of this report can be read at https://www.americanbankingnews.com/2017/10/30/first-midwest-bancorp-inc-to-post-q4-2017-earnings-of-0-35-per-share-fig-partners-forecasts-fmbi.html.
FMBI has been the subject of several other reports. Piper Jaffray Companies upgraded First Midwest Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $25.00 to $26.00 in a report on Monday, July 24th. ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC reiterated a “buy” rating and set a $27.00 price objective on shares of First Midwest Bancorp in a report on Friday, August 11th. Finally, BidaskClub lowered First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. First Midwest Bancorp currently has an average rating of “Hold” and a consensus price target of $25.83.
Shares of First Midwest Bancorp (FMBI) opened at 23.42 on Monday. First Midwest Bancorp has a 52-week low of $18.75 and a 52-week high of $25.83. The firm’s 50-day moving average price is $22.96 and its 200-day moving average price is $22.68. The stock has a market cap of $2.41 billion, a P/E ratio of 20.09 and a beta of 1.15.
A number of hedge funds and other institutional investors have recently bought and sold shares of FMBI. Pacad Investment Ltd. raised its holdings in First Midwest Bancorp by 41.9% during the second quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock valued at $103,000 after buying an additional 1,300 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in First Midwest Bancorp by 40.9% during the second quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock valued at $145,000 after buying an additional 1,800 shares in the last quarter. Victory Capital Management Inc. raised its holdings in First Midwest Bancorp by 13.6% during the first quarter. Victory Capital Management Inc. now owns 6,683 shares of the financial services provider’s stock valued at $158,000 after buying an additional 801 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in First Midwest Bancorp during the second quarter valued at about $213,000. Finally, MPS Loria Financial Planners LLC bought a new position in First Midwest Bancorp during the second quarter valued at about $235,000. Institutional investors own 80.84% of the company’s stock.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the transaction, the director now directly owns 24,237 shares in the company, valued at $529,578.45. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.69% of the stock is owned by company insiders.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.40 annualized dividend and a yield of 1.71%. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 33.61%.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.
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