First Midwest Bancorp, Inc. (NASDAQ:FMBI) Forecasted to Earn FY2017 Earnings of $1.44 Per Share

First Midwest Bancorp, Inc. (NASDAQ:FMBI) – Stock analysts at DA Davidson reduced their FY2017 EPS estimates for First Midwest Bancorp in a research report issued on Thursday, according to Zacks Investment Research. DA Davidson analyst K. Reevey now forecasts that the financial services provider will post earnings per share of $1.44 for the year, down from their previous forecast of $1.47. DA Davidson also issued estimates for First Midwest Bancorp’s Q4 2017 earnings at $0.37 EPS, Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.39 EPS, Q3 2018 earnings at $0.41 EPS, Q4 2018 earnings at $0.44 EPS, FY2018 earnings at $1.61 EPS and FY2019 earnings at $1.82 EPS.

First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. The firm had revenue of $163.24 million for the quarter, compared to analyst estimates of $164.81 million. During the same period in the prior year, the firm posted $0.32 earnings per share.

COPYRIGHT VIOLATION WARNING: This article was originally published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this article on another site, it was illegally stolen and republished in violation of US & international trademark & copyright legislation. The original version of this article can be viewed at https://www.dispatchtribunal.com/2017/11/11/fy2017-earnings-estimate-for-first-midwest-bancorp-inc-fmbi-issued-by-da-davidson.html.

Several other analysts have also issued reports on the stock. Zacks Investment Research raised shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $23.00 price objective on shares of First Midwest Bancorp in a report on Thursday, October 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $26.00 price objective on shares of First Midwest Bancorp in a report on Wednesday, October 4th. ValuEngine upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $27.00 price objective on shares of First Midwest Bancorp in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. First Midwest Bancorp currently has an average rating of “Hold” and an average price target of $25.83.

First Midwest Bancorp (NASDAQ FMBI) traded up $0.10 during midday trading on Friday, reaching $22.50. 399,200 shares of the company’s stock traded hands, compared to its average volume of 777,569. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.95. First Midwest Bancorp has a 1 year low of $20.50 and a 1 year high of $25.83. The company has a market capitalization of $2,301.13, a price-to-earnings ratio of 16.23, a P/E/G ratio of 2.27 and a beta of 1.15.

A number of hedge funds and other institutional investors have recently modified their holdings of FMBI. ProShare Advisors LLC raised its holdings in First Midwest Bancorp by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 13,459 shares of the financial services provider’s stock worth $314,000 after purchasing an additional 36 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in First Midwest Bancorp by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 10,303 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 77 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in First Midwest Bancorp by 0.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the financial services provider’s stock worth $772,000 after purchasing an additional 100 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in First Midwest Bancorp by 1.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,560 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 136 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in First Midwest Bancorp by 0.8% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 18,430 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 150 shares during the last quarter. Institutional investors and hedge funds own 80.92% of the company’s stock.

In related news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, the director now owns 24,237 shares in the company, valued at approximately $529,578.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.69% of the stock is currently owned by corporate insiders.

About First Midwest Bancorp

First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.

Get a free copy of the Zacks research report on First Midwest Bancorp (FMBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for First Midwest Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply