Equities research analysts predict that First Midwest Bancorp Inc (NASDAQ:FMBI) will announce sales of $192.50 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for First Midwest Bancorp’s earnings, with estimates ranging from $190.80 million to $193.60 million. First Midwest Bancorp reported sales of $167.69 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 14.8%. The company is scheduled to report its next earnings report on Tuesday, October 22nd.
According to Zacks, analysts expect that First Midwest Bancorp will report full-year sales of $748.78 million for the current fiscal year, with estimates ranging from $743.30 million to $753.50 million. For the next financial year, analysts expect that the company will post sales of $784.42 million, with estimates ranging from $764.00 million to $817.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.03. The business had revenue of $190.02 million for the quarter, compared to the consensus estimate of $187.13 million. First Midwest Bancorp had a net margin of 23.58% and a return on equity of 9.51%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 EPS.
In other First Midwest Bancorp news, Director Arsdell Stephen C. Van bought 2,500 shares of First Midwest Bancorp stock in a transaction dated Friday, May 17th. The shares were purchased at an average cost of $20.11 per share, with a total value of $50,275.00. Following the transaction, the director now directly owns 16,500 shares of the company’s stock, valued at $331,815. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. LPL Financial LLC grew its position in First Midwest Bancorp by 2.7% during the 2nd quarter. LPL Financial LLC now owns 36,039 shares of the financial services provider’s stock valued at $738,000 after purchasing an additional 947 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in First Midwest Bancorp by 5.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 773,153 shares of the financial services provider’s stock valued at $15,827,000 after purchasing an additional 41,555 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in First Midwest Bancorp during the 2nd quarter valued at about $1,002,000. Atria Investments LLC bought a new position in First Midwest Bancorp during the 2nd quarter valued at about $205,000. Finally, Jacobs Asset Management LLC bought a new position in First Midwest Bancorp during the 2nd quarter valued at about $4,821,000. 81.41% of the stock is currently owned by institutional investors.
First Midwest Bancorp stock traded down $0.17 during mid-day trading on Thursday, reaching $19.84. 363,486 shares of the company traded hands, compared to its average volume of 646,377. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50 day moving average price is $20.50. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. First Midwest Bancorp has a 52-week low of $18.10 and a 52-week high of $27.70.
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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