Equities analysts predict that First Midwest Bancorp Inc (NASDAQ:FMBI) will report sales of $161.13 million for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for First Midwest Bancorp’s earnings. The lowest sales estimate is $159.00 million and the highest is $162.60 million. First Midwest Bancorp posted sales of $162.53 million in the same quarter last year, which suggests a negative year-over-year growth rate of 0.9%. The business is expected to announce its next earnings report on Tuesday, July 24th.
On average, analysts expect that First Midwest Bancorp will report full year sales of $652.20 million for the current fiscal year, with estimates ranging from $648.60 million to $656.00 million. For the next fiscal year, analysts expect that the business will post sales of $707.05 million per share, with estimates ranging from $701.40 million to $720.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last posted its earnings results on Tuesday, April 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $154.08 million during the quarter, compared to analyst estimates of $160.44 million. During the same quarter in the prior year, the firm earned $0.34 earnings per share.
Several equities analysts recently issued reports on the stock. BidaskClub cut shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday. Stephens lowered shares of First Midwest Bancorp from an “overweight” rating to an “equal weight” rating in a report on Friday, June 8th. ValuEngine lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Raymond James raised shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 28th. Finally, UBS Group raised shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 28th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $26.67.
In related news, EVP James P. Hotchkiss sold 3,900 shares of the business’s stock in a transaction on Friday, June 1st. The shares were sold at an average price of $26.59, for a total value of $103,701.00. Following the completion of the sale, the executive vice president now owns 64,519 shares of the company’s stock, valued at approximately $1,715,560.21. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael C. Spitler sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $24.68, for a total transaction of $246,800.00. Following the completion of the sale, the executive vice president now directly owns 26,174 shares of the company’s stock, valued at approximately $645,974.32. The disclosure for this sale can be found here. 1.69% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Adviser Investments LLC purchased a new stake in shares of First Midwest Bancorp during the first quarter worth $119,000. Summit Trail Advisors LLC grew its holdings in shares of First Midwest Bancorp by 2,114.0% during the first quarter. Summit Trail Advisors LLC now owns 150,664 shares of the financial services provider’s stock worth $151,000 after buying an additional 143,859 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Midwest Bancorp during the first quarter worth $210,000. Brown Advisory Inc. purchased a new stake in shares of First Midwest Bancorp during the first quarter worth $254,000. Finally, Brinker Capital Inc. purchased a new stake in shares of First Midwest Bancorp during the first quarter worth $273,000. 83.84% of the stock is owned by institutional investors and hedge funds.
First Midwest Bancorp opened at $25.47 on Friday, according to Marketbeat Ratings. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.61. First Midwest Bancorp has a 1 year low of $20.50 and a 1 year high of $27.40. The firm has a market capitalization of $2.66 billion, a P/E ratio of 18.87, a PEG ratio of 2.28 and a beta of 1.14.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 10th. Investors of record on Friday, June 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, June 28th. First Midwest Bancorp’s payout ratio is presently 32.59%.
About First Midwest Bancorp
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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