Zacks: Analysts Anticipate First Midwest Bancorp, Inc. (FMBI) Will Post Quarterly Sales of $163.31 Million
Equities research analysts predict that First Midwest Bancorp, Inc. (NASDAQ:FMBI) will report sales of $163.31 million for the current quarter, according to Zacks. Six analysts have made estimates for First Midwest Bancorp’s earnings, with the highest sales estimate coming in at $165.55 million and the lowest estimate coming in at $160.80 million. First Midwest Bancorp reported sales of $127.74 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 27.8%. The firm is expected to announce its next earnings report on Tuesday, January 23rd.
On average, analysts expect that First Midwest Bancorp will report full year sales of $163.31 million for the current year, with estimates ranging from $638.20 million to $651.70 million. For the next financial year, analysts expect that the business will post sales of $681.81 million per share, with estimates ranging from $675.80 million to $692.80 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a return on equity of 7.89% and a net margin of 18.08%. The firm had revenue of $163.24 million for the quarter, compared to analyst estimates of $164.81 million. During the same period in the previous year, the firm earned $0.32 earnings per share.
A number of brokerages have recently weighed in on FMBI. ValuEngine raised First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. BidaskClub lowered First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $26.00 target price on shares of First Midwest Bancorp in a research report on Wednesday, October 4th. Jefferies Group LLC reaffirmed a “buy” rating and set a $27.00 target price on shares of First Midwest Bancorp in a research report on Friday, August 11th. Finally, FIG Partners lowered First Midwest Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $25.83.
In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.69% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Pacad Investment Ltd. grew its stake in shares of First Midwest Bancorp by 41.9% during the 2nd quarter. Pacad Investment Ltd. now owns 4,400 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 1,300 shares during the period. Zions Bancorporation bought a new position in shares of First Midwest Bancorp during the 3rd quarter worth $112,000. Quantbot Technologies LP bought a new position in shares of First Midwest Bancorp during the 3rd quarter worth $118,000. Riverhead Capital Management LLC grew its stake in shares of First Midwest Bancorp by 40.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,200 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 1,800 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of First Midwest Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 7,862 shares of the financial services provider’s stock worth $183,000 after acquiring an additional 1,179 shares during the period. Institutional investors own 80.91% of the company’s stock.
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First Midwest Bancorp (NASDAQ FMBI) opened at $23.47 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. First Midwest Bancorp has a 12-month low of $20.50 and a 12-month high of $25.83. The firm has a market capitalization of $2,411.05, a P/E ratio of 17.01, a PEG ratio of 2.38 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 9th. Shareholders of record on Friday, December 22nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. First Midwest Bancorp’s dividend payout ratio (DPR) 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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