Zacks: Analysts Expect First Midwest Bancorp Inc (FMBI) Will Post Quarterly Sales of $174.98 Million

Wall Street analysts forecast that First Midwest Bancorp Inc (NASDAQ:FMBI) will announce sales of $174.98 million for the current quarter, according to Zacks. Five analysts have made estimates for First Midwest Bancorp’s earnings, with the highest sales estimate coming in at $177.40 million and the lowest estimate coming in at $173.80 million. First Midwest Bancorp reported sales of $154.08 million during the same quarter last year, which would suggest a positive year over year growth rate of 13.6%. The company is scheduled to announce its next earnings results after the market closes on Tuesday, April 23rd.

According to Zacks, analysts expect that First Midwest Bancorp will report full-year sales of $757.68 million for the current financial year, with estimates ranging from $750.10 million to $773.00 million. For the next year, analysts expect that the firm will report sales of $810.84 million, with estimates ranging from $791.00 million to $829.80 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, January 22nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.01). The firm had revenue of $175.09 million for the quarter, compared to analyst estimates of $173.47 million. First Midwest Bancorp had a return on equity of 8.88% and a net margin of 21.67%. During the same quarter in the prior year, the business posted $0.34 EPS.

FMBI has been the subject of a number of analyst reports. BidaskClub raised shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. Piper Jaffray Companies set a $26.00 price target on shares of First Midwest Bancorp and gave the company a “buy” rating in a research note on Friday, January 25th. Raymond James downgraded shares of First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Monday, January 7th. Zacks Investment Research cut shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, January 7th. Finally, Stephens restated a “hold” rating and set a $24.00 price target on shares of First Midwest Bancorp in a report on Wednesday, December 19th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $26.08.

In other First Midwest Bancorp news, CEO Michael L. Scudder sold 30,000 shares of the firm’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $23.31, for a total transaction of $699,300.00. Following the completion of the sale, the chief executive officer now directly owns 97,784 shares in the company, valued at approximately $2,279,345.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn Hayley purchased 7,000 shares of the company’s stock in a transaction dated Thursday, January 24th. The shares were bought at an average cost of $21.51 per share, for a total transaction of $150,570.00. The disclosure for this purchase can be found here. Company insiders own 1.47% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank purchased a new position in First Midwest Bancorp during the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. bought a new stake in First Midwest Bancorp in the fourth quarter worth $99,000. Vestor Capital LLC increased its position in First Midwest Bancorp by 18.6% in the third quarter. Vestor Capital LLC now owns 6,521 shares of the financial services provider’s stock worth $173,000 after purchasing an additional 1,021 shares during the last quarter. Quantamental Technologies LLC bought a new stake in First Midwest Bancorp in the fourth quarter worth $139,000. Finally, Signition LP bought a new position in First Midwest Bancorp during the fourth quarter valued at $222,000. 82.52% of the stock is currently owned by institutional investors.

Shares of First Midwest Bancorp stock opened at $21.05 on Tuesday. First Midwest Bancorp has a fifty-two week low of $18.10 and a fifty-two week high of $27.70. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.54 and a beta of 1.25.

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 22nd were given a $0.12 dividend. The ex-dividend date was Thursday, March 21st. This represents a $0.48 annualized dividend and a dividend yield of 2.28%. First Midwest Bancorp’s dividend payout ratio is 28.74%.

First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc operates as the 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; 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 consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.

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Earnings History and Estimates for First Midwest Bancorp (NASDAQ:FMBI)

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