First Midwest Bancorp Inc (FMBI) Expected to Post Quarterly Sales of $175.23 Million

Brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post sales of $175.23 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for First Midwest Bancorp’s earnings. The lowest sales estimate is $173.80 million and the highest is $177.40 million. First Midwest Bancorp posted sales of $154.08 million in the same quarter last year, which suggests a positive year over year growth rate of 13.7%. The firm is expected to issue its next quarterly earnings results on Tuesday, April 23rd.

On average, analysts expect that First Midwest Bancorp will report full year sales of $759.08 million for the current fiscal year, with estimates ranging from $750.10 million to $773.00 million. For the next year, analysts anticipate that the company will report sales of $809.72 million, with estimates ranging from $791.00 million to $829.80 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow First Midwest Bancorp.

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

Several equities research analysts have weighed in on the company. BidaskClub upgraded 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 target price on First Midwest Bancorp and gave the stock a “buy” rating in a research note on Friday, January 25th. Raymond James cut First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Monday, January 7th. Zacks Investment Research cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. Finally, Stephens reiterated a “hold” rating and issued a $24.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. First Midwest Bancorp has a consensus rating of “Hold” and an average target price of $26.08.

Shares of FMBI stock traded down $0.09 during trading on Friday, hitting $20.46. The company had a trading volume of 523,297 shares, compared to its average volume of 558,066. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.54. First Midwest Bancorp has a one year low of $18.10 and a one year high of $27.70. The stock has a market cap of $2.17 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.27.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 9th. Stockholders of record on Friday, March 22nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, March 21st. First Midwest Bancorp’s payout ratio is 28.74%.

In related news, CEO Michael L. Scudder sold 30,000 shares of the stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $23.31, for a total value 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 $2,279,345.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn Hayley acquired 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 24th. The stock was bought at an average price of $21.51 per share, with a total value of $150,570.00. The disclosure for this purchase can be found here. 1.47% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of FMBI. Toronto Dominion Bank acquired a new stake in First Midwest Bancorp during the 4th quarter worth about $25,000. Oregon Public Employees Retirement Fund bought a new position in shares of First Midwest Bancorp during the 4th quarter worth about $40,000. Meeder Asset Management Inc. bought a new position in shares of First Midwest Bancorp during the 4th quarter worth about $99,000. Quantamental Technologies LLC bought a new position in shares of First Midwest Bancorp during the 4th quarter worth about $139,000. Finally, Vestor Capital LLC boosted its position in shares of First Midwest Bancorp by 18.6% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 82.52% of the company’s stock.

About First Midwest Bancorp

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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