Zacks: Brokerages Expect First Midwest Bancorp, Inc. (FMBI) to Post $0.36 EPS
Analysts expect First Midwest Bancorp, Inc. (NASDAQ:FMBI) to post $0.36 earnings per share for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with the highest EPS estimate coming in at $0.37 and the lowest estimate coming in at $0.34. 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 business is scheduled to issue its next quarterly earnings results 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 year, with EPS estimates ranging from $1.28 to $1.40. For the next fiscal year, analysts expect that the business will post earnings of $1.55 per share, with EPS estimates ranging from $1.50 to $1.61. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $163.24 million for the quarter, compared to the consensus estimate of $164.81 million. During the same quarter in the prior year, the business posted $0.32 EPS.
A number of research firms have recently commented on FMBI. ValuEngine upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. BidaskClub downgraded First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Piper Jaffray Companies restated a “buy” rating and set a $26.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, October 4th. Jefferies Group LLC restated a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research note on Friday, August 11th. Finally, FIG Partners downgraded First Midwest Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $26.00 to $25.00 in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $25.83.
First Midwest Bancorp (FMBI) traded up $0.28 on Friday, hitting $23.47. The stock had a trading volume of 708,100 shares, compared to its average volume of 773,390. First Midwest Bancorp has a fifty-two week low of $20.50 and a fifty-two week high of $25.83. The stock has a market cap of $2,390.00, a P/E ratio of 16.55, a P/E/G ratio of 2.31 and a beta of 1.15. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 9th. Investors of record on Friday, December 22nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. First Midwest Bancorp’s dividend payout ratio is presently 33.61%.
In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $21.85, for a total transaction of $76,475.00. Following the transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.69% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Pacad Investment Ltd. lifted its position in 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 acquired a new stake in First Midwest Bancorp during the 3rd quarter worth approximately $112,000. Quantbot Technologies LP acquired a new stake in First Midwest Bancorp during the 3rd quarter worth approximately $118,000. Riverhead Capital Management LLC lifted its position in 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. lifted its position in 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. 80.03% of the stock is owned by institutional investors.
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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