$190.28 Million in Sales Expected for First Midwest Bancorp, Inc. (NASDAQ:FMBI) This Quarter

Equities research analysts predict that First Midwest Bancorp, Inc. (NASDAQ:FMBI) will post sales of $190.28 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for First Midwest Bancorp’s earnings, with estimates ranging from $185.30 million to $193.00 million. First Midwest Bancorp posted sales of $183.31 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.8%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, October 19th.

On average, analysts expect that First Midwest Bancorp will report full year sales of $759.68 million for the current year, with estimates ranging from $749.80 million to $767.60 million. For the next year, analysts anticipate that the business will post sales of $750.35 million, with estimates ranging from $739.00 million to $764.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Monday, July 19th. The financial services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.04. The business had revenue of $190.56 million during the quarter, compared to analyst estimates of $189.05 million. First Midwest Bancorp had a return on equity of 7.77% and a net margin of 21.08%. During the same quarter in the previous year, the firm earned $0.19 EPS.

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

Hedge funds have recently made changes to their positions in the business. Berman Capital Advisors LLC lifted its position in First Midwest Bancorp by 484.9% in the first quarter. Berman Capital Advisors LLC now owns 1,626 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,348 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in First Midwest Bancorp in the first quarter valued at approximately $63,000. Fifth Third Bancorp lifted its position in First Midwest Bancorp by 341.5% in the first quarter. Fifth Third Bancorp now owns 3,532 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 2,732 shares during the last quarter. Captrust Financial Advisors lifted its position in First Midwest Bancorp by 236.5% in the first quarter. Captrust Financial Advisors now owns 6,753 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 4,746 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. bought a new stake in First Midwest Bancorp in the first quarter valued at approximately $177,000. Hedge funds and other institutional investors own 80.79% of the company’s stock.

Shares of FMBI opened at $17.93 on Friday. The company has a market cap of $2.05 billion, a PE ratio of 13.69 and a beta of 1.25. 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 stock has a 50-day moving average price of $18.32 and a 200-day moving average price of $20.20. First Midwest Bancorp has a 12-month low of $10.38 and a 12-month high of $24.28.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 12th. Investors of record on Friday, September 24th will be given a $0.14 dividend. The ex-dividend date is Thursday, September 23rd. This represents a $0.56 dividend on an annualized basis and a yield of 3.12%. First Midwest Bancorp’s payout ratio is 47.46%.

First Midwest Bancorp Company Profile

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

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