Equities analysts expect First Midwest Bancorp (NASDAQ:FMBI) to report sales of $160.44 million for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for First Midwest Bancorp’s earnings, with the highest sales estimate coming in at $162.20 million and the lowest estimate coming in at $159.20 million. First Midwest Bancorp reported sales of $155.15 million in the same quarter last year, which would indicate a positive year over year growth rate of 3.4%. The company is expected to report its next earnings results after the market closes on Tuesday, April 24th.
On average, analysts expect that First Midwest Bancorp will report full year sales of $672.60 million for the current fiscal year, with estimates ranging from $668.10 million to $679.00 million. For the next fiscal year, analysts forecast that the company will post sales of $719.82 million per share, with estimates ranging from $708.30 million to $737.90 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last issued its earnings results on Monday, January 29th. The financial services provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a net margin of 14.59% and a return on equity of 7.69%. The business had revenue of $154.24 million for the quarter, compared to analyst estimates of $162.84 million. During the same quarter last year, the firm posted $0.32 earnings per share.
Several analysts have recently weighed in on FMBI shares. BidaskClub upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. ValuEngine lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 3rd. UBS upgraded shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 28th. Finally, Zacks Investment Research upgraded shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Friday, January 12th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.67.
In other First Midwest Bancorp news, Director Robert P. Omeara sold 5,200 shares of the business’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $26.50, for a total value of $137,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert P. Omeara sold 5,000 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $26.50, for a total transaction of $132,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,382 shares of company stock worth $2,388,662. Company insiders own 1.69% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in First Midwest Bancorp by 4.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,328,565 shares of the financial services provider’s stock valued at $31,899,000 after buying an additional 58,551 shares in the last quarter. Swiss National Bank raised its stake in shares of First Midwest Bancorp by 16.4% in the fourth quarter. Swiss National Bank now owns 175,000 shares of the financial services provider’s stock worth $4,202,000 after acquiring an additional 24,700 shares during the last quarter. Aperio Group LLC raised its stake in shares of First Midwest Bancorp by 50.1% in the fourth quarter. Aperio Group LLC now owns 34,800 shares of the financial services provider’s stock worth $836,000 after acquiring an additional 11,617 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of First Midwest Bancorp by 2.5% in the third quarter. California Public Employees Retirement System now owns 211,151 shares of the financial services provider’s stock worth $4,945,000 after acquiring an additional 5,151 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of First Midwest Bancorp by 223.7% in the fourth quarter. Arizona State Retirement System now owns 172,673 shares of the financial services provider’s stock worth $4,146,000 after acquiring an additional 119,328 shares during the last quarter. Hedge funds and other institutional investors own 83.68% of the company’s stock.
Shares of First Midwest Bancorp stock traded down $0.27 during trading on Friday, hitting $24.66. 327,567 shares of the company’s stock traded hands, compared to its average volume of 559,271. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. First Midwest Bancorp has a twelve month low of $20.50 and a twelve month high of $26.55. The firm has a market cap of $2,527.81, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12.
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 10th. Shareholders of record on Friday, March 23rd were given a $0.11 dividend. The ex-dividend date was Thursday, March 22nd. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.78%. First Midwest Bancorp’s payout ratio is 32.59%.
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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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