Equities research analysts expect First Midwest Bancorp Inc (NASDAQ:FMBI) to report sales of $168.87 million for the current quarter, according to Zacks. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with estimates ranging from $167.50 million to $171.00 million. First Midwest Bancorp reported sales of $163.24 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.4%. The company is expected to report its next quarterly earnings report after the market closes on Tuesday, October 23rd.
On average, analysts expect that First Midwest Bancorp will report full year sales of $661.77 million for the current fiscal year, with estimates ranging from $656.80 million to $667.10 million. For the next year, analysts expect that the firm will report sales of $726.43 million, with estimates ranging from $714.50 million to $739.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.01. The company had revenue of $165.39 million for the quarter, compared to analysts’ expectations of $161.80 million. First Midwest Bancorp had a return on equity of 7.83% and a net margin of 15.12%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 earnings per share.
A number of research firms recently commented on FMBI. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday, October 5th. BidaskClub upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Piper Jaffray Companies raised their price objective on shares of First Midwest Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $30.00 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Finally, Sandler O’Neill reiterated a “hold” rating and set a $28.50 price objective on shares of First Midwest Bancorp in a research note on Thursday, July 26th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. First Midwest Bancorp has a consensus rating of “Hold” and an average price target of $29.50.
FMBI opened at $25.16 on Friday. The company has a market cap of $2.74 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 2.28 and a beta of 1.15. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.62. First Midwest Bancorp has a twelve month low of $22.03 and a twelve month high of $27.70.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Friday, September 28th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.75%. First Midwest Bancorp’s dividend payout ratio is presently 32.59%.
In related news, Director Thomas M. Prame sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $27.07, for a total transaction of $60,907.50. Following the transaction, the director now owns 38,524 shares in the company, valued at $1,042,844.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.47% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in First Midwest Bancorp by 8.4% in the second quarter. BlackRock Inc. now owns 14,432,580 shares of the financial services provider’s stock worth $367,598,000 after buying an additional 1,122,474 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Midwest Bancorp by 2.1% in the second quarter. Dimensional Fund Advisors LP now owns 6,688,736 shares of the financial services provider’s stock worth $170,364,000 after buying an additional 138,220 shares during the last quarter. Bank of New York Mellon Corp grew its position in First Midwest Bancorp by 54.9% in the second quarter. Bank of New York Mellon Corp now owns 2,062,714 shares of the financial services provider’s stock worth $52,537,000 after buying an additional 730,815 shares during the last quarter. Millennium Management LLC grew its position in First Midwest Bancorp by 12.8% in the second quarter. Millennium Management LLC now owns 1,442,074 shares of the financial services provider’s stock worth $36,730,000 after buying an additional 164,131 shares during the last quarter. Finally, Pzena Investment Management LLC grew its position in First Midwest Bancorp by 4.1% in the second quarter. Pzena Investment Management LLC now owns 1,245,852 shares of the financial services provider’s stock worth $31,732,000 after buying an additional 49,593 shares during the last quarter. Hedge funds and other institutional investors own 82.45% of the company’s stock.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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