Equities analysts expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post earnings of $0.46 per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for First Midwest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.44 and the highest estimate coming in at $0.46. First Midwest Bancorp reported earnings of $0.37 per share during the same quarter last year, which suggests a positive year over year growth rate of 24.3%. The business is scheduled to report its next earnings results after the market closes on Tuesday, October 23rd.
On average, analysts expect that First Midwest Bancorp will report full year earnings of $1.66 per share for the current financial year, with EPS estimates ranging from $1.62 to $1.69. For the next fiscal year, analysts forecast that the company will report earnings of $2.05 per share, with EPS estimates ranging from $1.98 to $2.18. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The company had revenue of $165.39 million for the quarter, compared to analyst estimates of $161.80 million. First Midwest Bancorp had a return on equity of 7.83% and a net margin of 15.12%. First Midwest Bancorp’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share.
A number of equities research analysts have recently commented on the company. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Friday, October 5th. BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, September 12th. Piper Jaffray Companies raised their price target on First Midwest Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $30.00 price target on shares of First Midwest Bancorp in a research report on Thursday, July 26th. Finally, Sandler O’Neill reaffirmed a “hold” rating and set a $28.50 price target on shares of First Midwest Bancorp in a research report on Thursday, July 26th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $29.50.
In related news, Director Thomas M. Prame sold 2,250 shares of First Midwest Bancorp stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $27.07, for a total value of $60,907.50. Following the sale, the director now owns 38,524 shares of the company’s stock, valued at approximately $1,042,844.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.47% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in FMBI. Summit Trail Advisors LLC raised its position in First Midwest Bancorp by 2,114.0% in the 1st quarter. Summit Trail Advisors LLC now owns 150,664 shares of the financial services provider’s stock valued at $151,000 after buying an additional 143,859 shares during the last quarter. FSI Group LLC acquired a new stake in First Midwest Bancorp in the 2nd quarter valued at approximately $214,000. Brown Advisory Inc. acquired a new stake in First Midwest Bancorp in the 1st quarter valued at approximately $254,000. Hsbc Holdings PLC acquired a new stake in First Midwest Bancorp in the 1st quarter valued at approximately $365,000. Finally, First Hawaiian Bank acquired a new stake in First Midwest Bancorp in the 3rd quarter valued at approximately $365,000. 82.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ FMBI traded down $0.51 during mid-day trading on Thursday, reaching $24.92. 272,100 shares of the company’s stock were exchanged, compared to its average volume of 512,332. The firm has a market cap of $2.74 billion, a P/E ratio of 18.46, a P/E/G ratio of 2.28 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.97 and a quick ratio of 0.97. First Midwest Bancorp has a twelve month low of $22.03 and a twelve month high of $27.70.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Friday, September 28th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio is presently 32.59%.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as a bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans and lines of credit; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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