$160.90 Million in Sales Expected for First Midwest Bancorp Inc (FMBI) This Quarter

Brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to announce $160.90 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for First Midwest Bancorp’s earnings, with estimates ranging from $159.20 million to $163.60 million. First Midwest Bancorp posted sales of $155.15 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.7%. The company is expected to issue its next earnings report on Tuesday, April 24th.

On average, analysts expect that First Midwest Bancorp will report full-year sales of $160.90 million for the current fiscal year, with estimates ranging from $664.60 million to $678.90 million. For the next fiscal year, analysts expect that the company will report sales of $714.98 million per share, with estimates ranging from $703.40 million to $737.90 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow 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). The business had revenue of $154.24 million for the quarter, compared to analysts’ expectations of $162.84 million. First Midwest Bancorp had a return on equity of 7.69% and a net margin of 14.59%. During the same quarter in the prior year, the firm earned $0.32 earnings per share.

Several research analysts have recently weighed in on FMBI shares. Keefe, Bruyette & Woods restated a “hold” rating and issued a $23.00 target price on shares of First Midwest Bancorp in a research note on Thursday, October 26th. BidaskClub downgraded shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, January 30th. Jefferies Group restated a “buy” rating and issued a $28.00 target price on shares of First Midwest Bancorp in a research note on Friday, December 8th. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Friday, January 12th. Finally, Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the company a “hold” rating in a research note on Wednesday, January 3rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. First Midwest Bancorp presently has a consensus rating of “Buy” and an average price target of $26.67.

First Midwest Bancorp (FMBI) opened at $24.49 on Wednesday. The firm has a market cap of $2,480.61, a price-to-earnings ratio of 25.51, a PEG ratio of 2.00 and a beta of 1.18. The company has a quick ratio of 0.98, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. First Midwest Bancorp has a 52 week low of $20.50 and a 52 week high of $26.48.

In related 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.69% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund raised its holdings in 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 acquiring an additional 21,099 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in 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 acquiring an additional 25,470 shares in the last quarter. Prudential Financial Inc. raised its holdings in First Midwest Bancorp by 11.1% in the third quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock valued at $5,185,000 after acquiring an additional 22,060 shares in the last quarter. State Street Corp raised its holdings in 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 acquiring an additional 644,968 shares in the last quarter. Finally, Pzena Investment Management LLC raised its holdings in First Midwest Bancorp by 3.7% in the third quarter. Pzena Investment Management LLC now owns 1,325,864 shares of the financial services provider’s stock valued at $31,052,000 after acquiring an additional 47,760 shares in the last quarter. 80.41% of the stock is currently owned by hedge funds and other institutional investors.

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About First Midwest Bancorp

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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