Analysts expect that First Midwest Bancorp, Inc. (NASDAQ:FMBI) will post $186.58 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for First Midwest Bancorp’s earnings, with the lowest sales estimate coming in at $183.90 million and the highest estimate coming in at $190.40 million. First Midwest Bancorp reported sales of $178.23 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.7%. The company is scheduled to issue its next quarterly earnings results on Tuesday, July 20th.
According to Zacks, analysts expect that First Midwest Bancorp will report full year sales of $749.28 million for the current financial year, with estimates ranging from $744.90 million to $754.60 million. For the next year, analysts forecast that the business will post sales of $748.05 million, with estimates ranging from $729.00 million to $769.60 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. First Midwest Bancorp had a net margin of 14.29% and a return on equity of 6.02%. During the same quarter last year, the company earned $0.22 EPS.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Friday, March 5th. Stephens reiterated an “equal weight” rating and issued a $22.00 target price on shares of First Midwest Bancorp in a research note on Wednesday. Finally, Raymond James raised their price objective on shares of First Midwest Bancorp from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, March 15th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $18.25.
Several hedge funds and other institutional investors have recently bought and sold shares of FMBI. Charles Schwab Investment Management Inc. grew its holdings in First Midwest Bancorp by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 939,792 shares of the financial services provider’s stock worth $10,131,000 after acquiring an additional 5,557 shares in the last quarter. Morgan Stanley grew its holdings in First Midwest Bancorp by 10.4% during the 3rd quarter. Morgan Stanley now owns 368,443 shares of the financial services provider’s stock worth $3,971,000 after acquiring an additional 34,736 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in First Midwest Bancorp during the 3rd quarter worth about $159,000. Cubist Systematic Strategies LLC grew its holdings in First Midwest Bancorp by 544.9% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 98,030 shares of the financial services provider’s stock worth $1,057,000 after acquiring an additional 82,829 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in First Midwest Bancorp during the 3rd quarter worth about $268,000. Hedge funds and other institutional investors own 79.29% of the company’s stock.
Shares of FMBI traded up $0.92 on Tuesday, reaching $21.52. The company’s stock had a trading volume of 15,278 shares, compared to its average volume of 804,431. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.90. First Midwest Bancorp has a twelve month low of $10.31 and a twelve month high of $24.28. The stock has a market capitalization of $2.46 billion, a PE ratio of 20.20 and a beta of 1.27. The firm has a fifty day moving average of $22.17 and a 200-day moving average of $17.21.
The business also recently declared a quarterly dividend, which was paid on Tuesday, April 13th. Stockholders of record on Friday, March 26th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, March 25th. First Midwest Bancorp’s payout ratio is presently 28.28%.
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 needs; 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 and unsecured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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