Equities research analysts forecast that First Midwest Bancorp (NASDAQ:FMBI) will report sales of $161.12 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with estimates ranging from $159.00 million to $162.60 million. First Midwest Bancorp posted sales of $162.53 million during the same quarter last year, which suggests a negative year over year growth rate of 0.9%. The company is scheduled to report its next quarterly earnings report on Tuesday, July 24th.
On average, analysts expect that First Midwest Bancorp will report full-year sales of $652.12 million for the current year, with estimates ranging from $648.60 million to $656.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $699.25 million per share, with estimates ranging from $694.80 million to $702.70 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, April 24th. The financial services provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). First Midwest Bancorp had a net margin of 16.08% and a return on equity of 7.59%. The company had revenue of $154.08 million during the quarter, compared to the consensus estimate of $160.44 million. During the same period last year, the firm posted $0.34 EPS.
A number of research analysts recently issued reports on the company. BidaskClub downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, April 28th. UBS upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 28th. Raymond James upgraded First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 28th. Zacks Investment Research downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Finally, ValuEngine downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. First Midwest Bancorp has a consensus rating of “Hold” and an average target price of $26.67.
In other First Midwest Bancorp news, insider Mark G. Sander sold 42,328 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $26.11, for a total transaction of $1,105,184.08. Following the transaction, the insider now owns 234,017 shares in the company, valued at approximately $6,110,183.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert P. Omeara sold 5,200 shares of the company’s stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $26.50, for a total value of $137,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 101,382 shares of company stock worth $2,635,462 in the last quarter. Company insiders own 1.69% of the company’s stock.
Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in shares of First Midwest Bancorp by 18.2% during the 1st quarter. Victory Capital Management Inc. now owns 14,132 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 2,180 shares during the period. Municipal Employees Retirement System of Michigan grew its position in First Midwest Bancorp by 5.8% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 41,140 shares of the financial services provider’s stock worth $1,012,000 after purchasing an additional 2,250 shares during the last quarter. Louisiana State Employees Retirement System grew its position in First Midwest Bancorp by 6.3% during the 4th quarter. Louisiana State Employees Retirement System now owns 44,200 shares of the financial services provider’s stock worth $1,061,000 after purchasing an additional 2,600 shares during the last quarter. Guggenheim Capital LLC grew its position in First Midwest Bancorp by 17.7% during the 4th quarter. Guggenheim Capital LLC now owns 22,119 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 3,334 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in First Midwest Bancorp by 1.9% during the 4th quarter. Teachers Advisors LLC now owns 184,680 shares of the financial services provider’s stock worth $4,434,000 after purchasing an additional 3,418 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.
Shares of First Midwest Bancorp traded down $0.04, reaching $25.35, during midday trading on Thursday, according to Marketbeat. The company had a trading volume of 343,700 shares, compared to its average volume of 572,708. First Midwest Bancorp has a one year low of $20.50 and a one year high of $26.55. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.61. The firm has a market cap of $2.60 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 2.22 and a beta of 1.13.
First Midwest Bancorp Company Profile
First Midwest Bancorp, Inc operates as a 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 and lines of credit; 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 auto loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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