Brokerages Anticipate First Midwest Bancorp Inc (FMBI) Will Announce Quarterly Sales of $174.98 Million

Equities analysts expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post $174.98 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided 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 posted sales of $154.08 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 13.6%. The business is scheduled to report 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 financial year, analysts expect that the company will post sales of $810.84 million, with estimates ranging from $791.00 million to $829.80 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for First Midwest Bancorp.

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

A number of brokerages recently commented on FMBI. BidaskClub raised First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, March 29th. Piper Jaffray Companies set a $26.00 price objective on First Midwest Bancorp and gave the stock a “buy” rating in a report on Friday, January 25th. Zacks Investment Research downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, January 7th. Finally, Raymond James downgraded First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $26.08.

FMBI stock traded down $0.40 on Tuesday, reaching $21.02. The company’s stock had a trading volume of 325,172 shares, compared to its average volume of 530,076. First Midwest Bancorp has a 12-month low of $18.10 and a 12-month high of $27.70. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.53 and a beta of 1.25. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.54.

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

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 stock was sold at an average price of $23.31, for a total value of $699,300.00. Following the transaction, the chief executive officer now directly owns 97,784 shares of the company’s stock, valued at $2,279,345.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn Hayley bought 7,000 shares of the company’s stock in a transaction on Thursday, January 24th. The stock was purchased 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.

Large investors have recently made changes to their positions in the business. Vanguard Group Inc boosted its holdings in First Midwest Bancorp by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 10,293,600 shares of the financial services provider’s stock valued at $273,707,000 after acquiring an additional 155,942 shares during the period. Vanguard Group Inc. boosted its position in First Midwest Bancorp by 1.5% during the third quarter. Vanguard Group Inc. now owns 10,293,600 shares of the financial services provider’s stock worth $273,707,000 after purchasing an additional 155,942 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in First Midwest Bancorp by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,978,181 shares of the financial services provider’s stock worth $138,238,000 after purchasing an additional 211,441 shares in the last quarter. Macquarie Group Ltd. boosted its position in First Midwest Bancorp by 0.9% during the fourth quarter. Macquarie Group Ltd. now owns 2,743,719 shares of the financial services provider’s stock worth $54,353,000 after purchasing an additional 24,542 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in First Midwest Bancorp by 3.7% during the third quarter. Bank of New York Mellon Corp now owns 2,140,054 shares of the financial services provider’s stock worth $56,905,000 after purchasing an additional 77,340 shares in the last quarter. 82.16% of the stock is currently owned by institutional investors and hedge funds.

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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