First Midwest Bancorp Inc (FMBI) Expected to Post Earnings of $0.36 Per Share
Equities analysts predict that First Midwest Bancorp Inc (NASDAQ:FMBI) will report $0.36 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.34 and the highest estimate coming in at $0.37. First Midwest Bancorp posted earnings of $0.32 per share during the same quarter last year, which suggests a positive year over year growth rate of 12.5%. The firm is scheduled to report its next earnings report on Tuesday, January 23rd.
On average, analysts expect that First Midwest Bancorp will report full year earnings of $1.31 per share for the current financial year, with EPS estimates ranging from $1.28 to $1.40. For the next financial year, analysts forecast that the company will post earnings of $1.55 per share, with EPS estimates ranging from $1.50 to $1.61. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The company had revenue of $163.24 million during the quarter, compared to the consensus estimate of $164.81 million. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. During the same period in the prior year, the company earned $0.32 earnings per share.
A number of research firms recently issued reports on FMBI. Zacks Investment Research downgraded First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 15th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $23.00 price objective on shares of First Midwest Bancorp in a report on Thursday, October 26th. Jefferies Group reiterated a “buy” rating and set a $27.00 price objective on shares of First Midwest Bancorp in a report on Friday, August 11th. ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $26.00 price objective on shares of First Midwest Bancorp in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $25.83.
In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the 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 completion of 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 can be accessed through this link. 1.69% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacad Investment Ltd. boosted its position 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 purchasing an additional 1,300 shares during the last quarter. Zions Bancorporation acquired a new position in First Midwest Bancorp during the third quarter valued at approximately $112,000. Quantbot Technologies LP acquired a new position in First Midwest Bancorp during the third quarter valued at approximately $118,000. Riverhead Capital Management LLC boosted its position 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 purchasing an additional 1,800 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in First Midwest Bancorp by 17.6% during the second quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 1,179 shares during the last quarter. 81.42% of the stock is owned by hedge funds and other institutional investors.
First Midwest Bancorp (NASDAQ:FMBI) traded down $0.73 during trading hours on Wednesday, hitting $24.61. The company had a trading volume of 590,400 shares, compared to its average volume of 766,545. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $2,603.15, a P/E ratio of 18.36, a PEG ratio of 2.56 and a beta of 1.17. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $25.86.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 9th. Investors of record on Friday, December 22nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.63%. First Midwest Bancorp’s payout ratio is presently 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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