Zacks: Brokerages Expect First Midwest Bancorp Inc (FMBI) Will Post Earnings of $0.39 Per Share

Brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post $0.39 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for First Midwest Bancorp’s earnings. The lowest EPS estimate is $0.37 and the highest is $0.41. First Midwest Bancorp posted earnings per share of $0.34 during the same quarter last year, which would suggest a positive year over year growth rate of 14.7%. The business is expected to announce its next quarterly earnings report on Tuesday, April 24th.

According to Zacks, analysts expect that First Midwest Bancorp will report full-year earnings of $1.73 per share for the current year, with EPS estimates ranging from $1.66 to $1.81. For the next year, analysts forecast that the business will post earnings of $1.96 per share, with EPS estimates ranging from $1.90 to $2.00. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a return on equity of 7.69% and a net margin of 14.59%. The business had revenue of $154.24 million for the quarter, compared to analysts’ expectations of $162.84 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share.

Several equities research analysts have issued reports on the stock. BidaskClub upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Jaffray Companies reiterated a “buy” rating and set a $29.00 price objective on shares of First Midwest Bancorp in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $23.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Finally, Jefferies Group reiterated a “buy” rating and set a $28.00 price objective on shares of First Midwest Bancorp in a research note on Friday, December 8th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. First Midwest Bancorp has an average rating of “Buy” and an average target price of $26.67.

First Midwest Bancorp (NASDAQ FMBI) traded up $0.26 on Monday, reaching $24.41. 742,563 shares of the company’s stock traded hands, compared to its average volume of 690,809. The company has a current ratio of 0.97, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. First Midwest Bancorp has a 12 month low of $20.50 and a 12 month high of $26.48. The stock has a market capitalization of $2,480.61, a P/E ratio of 25.43, a P/E/G ratio of 2.00 and a beta of 1.18.

In other news, Director Robert P. Omeara sold 50,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $24.56, for a total value of $1,228,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.69% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in FMBI. New York State Common Retirement Fund boosted its stake in shares of First Midwest Bancorp by 23.9% in the second quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock valued at $2,545,000 after purchasing an additional 21,099 shares during the period. Vanguard Group Inc. boosted its stake in shares of First Midwest Bancorp by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,957,728 shares of the financial services provider’s stock valued at $208,804,000 after purchasing an additional 1,037,378 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of First Midwest Bancorp by 15.4% in the second quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock valued at $4,447,000 after purchasing an additional 25,470 shares during the period. Voya Investment Management LLC boosted its stake in shares of First Midwest Bancorp by 20.4% in the second quarter. Voya Investment Management LLC now owns 42,818 shares of the financial services provider’s stock valued at $998,000 after purchasing an additional 7,266 shares during the period. Finally, State Street Corp boosted its stake in shares of First Midwest Bancorp by 21.5% in the second quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after purchasing an additional 644,968 shares during the period. Institutional investors and hedge funds own 80.41% of the company’s stock.

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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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Earnings History and Estimates for First Midwest Bancorp (NASDAQ:FMBI)

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