Wall Street brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post $174.98 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for First Midwest Bancorp’s earnings. The highest sales estimate is $177.40 million and the lowest is $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 firm is scheduled to announce its next earnings report 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 year, with estimates ranging from $750.10 million to $773.00 million. For the next financial year, analysts forecast that the company 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 a mean average based on a survey of sell-side research analysts that that provide coverage for 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 the Zacks’ consensus estimate 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 previous year, the firm posted $0.34 EPS.
A number of research analysts have recently issued reports on FMBI shares. BidaskClub lowered First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 6th. 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 lowered First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, January 7th. Raymond James lowered First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Finally, Stephens reaffirmed a “hold” rating and set a $24.00 price objective on shares of First Midwest Bancorp in a report on Wednesday, December 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.08.
NASDAQ:FMBI opened at $21.05 on Tuesday. The company has a market capitalization of $2.33 billion, a PE ratio of 12.60, a P/E/G ratio of 1.54 and a beta of 1.25. 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 12-month low of $18.10 and a 12-month high of $27.70.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Friday, March 22nd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, March 21st. First Midwest Bancorp’s dividend payout ratio is presently 28.74%.
In related news, CEO Michael L. Scudder sold 30,000 shares of the company’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $23.31, for a total transaction of $699,300.00. Following the transaction, the chief executive officer now owns 97,784 shares of the company’s stock, valued at $2,279,345.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathryn Hayley acquired 7,000 shares of the company’s stock in a transaction that occurred on Thursday, January 24th. The shares were acquired 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. Corporate insiders own 1.47% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of FMBI. Toronto Dominion Bank purchased a new stake in First Midwest Bancorp during the fourth quarter worth $25,000. Oregon Public Employees Retirement Fund purchased a new stake in First Midwest Bancorp during the fourth quarter worth $40,000. Meeder Asset Management Inc. purchased a new stake in First Midwest Bancorp during the fourth quarter worth $99,000. Quantamental Technologies LLC purchased a new stake in First Midwest Bancorp during the fourth quarter worth $139,000. Finally, Vestor Capital LLC boosted its position in First Midwest Bancorp by 18.6% during 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 in the last quarter. 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.
See Also: Compound Annual Growth Rate (CAGR)
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