First Midwest Bancorp, Inc. (FMBI) Expected to Post Quarterly Sales of $164.90 Million
Wall Street brokerages expect First Midwest Bancorp, Inc. (NASDAQ:FMBI) to post sales of $164.90 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for First Midwest Bancorp’s earnings. The lowest sales estimate is $161.50 million and the highest is $167.60 million. First Midwest Bancorp posted sales of $136.83 million in the same quarter last year, which would indicate a positive year over year growth rate of 20.5%. The firm is expected to announce its next quarterly earnings results on Tuesday, October 17th.
On average, analysts expect that First Midwest Bancorp will report full-year sales of $164.90 million for the current year, with estimates ranging from $643.20 million to $659.40 million. For the next fiscal year, analysts forecast that the firm will report sales of $697.06 million per share, with estimates ranging from $681.55 million to $720.60 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). First Midwest Bancorp had a net margin of 17.30% and a return on equity of 7.81%. The company had revenue of $162.53 million for the quarter, compared to analyst estimates of $164.02 million. During the same quarter last year, the company posted $0.32 EPS.
A number of brokerages have recently weighed in on FMBI. Zacks Investment Research upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Monday, September 11th. ValuEngine lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC reissued a “buy” rating and set a $27.00 price objective on shares of First Midwest Bancorp in a research report on Friday, August 11th. BidaskClub downgraded shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, FIG Partners downgraded shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $26.00 to $25.00 in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. First Midwest Bancorp has an average rating of “Hold” and an average target price of $26.17.
Shares of First Midwest Bancorp (FMBI) opened at 22.68 on Friday. First Midwest Bancorp has a 12 month low of $18.75 and a 12 month high of $25.83. The firm has a market cap of $2.33 billion, a P/E ratio of 19.45 and a beta of 1.15. The stock’s 50 day moving average price is $21.47 and its 200-day moving average price is $22.74.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, September 28th. First Midwest Bancorp’s dividend payout ratio (DPR) is currently 34.19%.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $21.85, for a total transaction of $76,475.00. Following the completion of the sale, the director now directly owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.69% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Highbridge Capital Management LLC lifted its position in First Midwest Bancorp by 231.2% in the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock worth $5,931,000 after buying an additional 174,825 shares during the last quarter. Citadel Advisors LLC bought a new stake in First Midwest Bancorp in the first quarter worth $7,621,000. Cipher Capital LP lifted its position in First Midwest Bancorp by 153.6% in the second quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock worth $1,938,000 after buying an additional 50,358 shares during the last quarter. Bank of New York Mellon Corp lifted its position in First Midwest Bancorp by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock worth $57,890,000 after buying an additional 380,112 shares during the last quarter. Finally, United Services Automobile Association lifted its position in First Midwest Bancorp by 72.6% in the first quarter. United Services Automobile Association now owns 1,036,966 shares of the financial services provider’s stock worth $24,555,000 after buying an additional 436,260 shares during the last quarter. Institutional investors own 80.93% of the company’s stock.
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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