Brokerages expect First Midwest Bancorp, Inc. (NASDAQ:FMBI) to post $0.37 earnings per share (EPS) for the current quarter, according to Zacks. Six analysts have made estimates for First Midwest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.35 and the highest estimate coming in at $0.40. First Midwest Bancorp reported earnings of $0.32 per share during the same quarter last year, which indicates a positive year over year growth rate of 15.6%. The company is expected to issue its next quarterly earnings report on Tuesday, July 18th.
According to Zacks, analysts expect that First Midwest Bancorp will report full-year earnings of $1.45 per share for the current year, with EPS estimates ranging from $1.40 to $1.51. For the next year, analysts expect that the company will report earnings of $1.62 per share, with EPS estimates ranging from $1.55 to $1.75. Zacks’ earnings per share averages 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 announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.34. First Midwest Bancorp had a return on equity of 7.91% and a net margin of 16.73%. The business had revenue of $155.15 million for the quarter, compared to analyst estimates of $162 million. During the same quarter last year, the firm earned $0.27 EPS.
A number of research analysts recently weighed in on the company. Zacks Investment Research downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $25.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, April 12th. FIG Partners raised First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Friday, May 19th. Finally, BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $26.75.
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Shares of First Midwest Bancorp (FMBI) traded up 2.45% during midday trading on Monday, reaching $23.88. The company had a trading volume of 340,562 shares. The stock’s 50 day moving average is $22.89 and its 200-day moving average is $23.76. The stock has a market capitalization of $2.68 billion, a PE ratio of 21.21 and a beta of 1.16. First Midwest Bancorp has a 12-month low of $16.68 and a 12-month high of $25.83.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 11th. Stockholders of record on Friday, June 30th will be paid a $0.10 dividend. The ex-dividend date is Wednesday, June 28th. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. First Midwest Bancorp’s dividend payout ratio is 35.09%.
In related news, Director Thomas Lynn Brown acquired 3,000 shares of the stock in a transaction dated Tuesday, June 13th. The stock was purchased at an average cost of $24.06 per share, with a total value of $72,180.00. Following the completion of the purchase, the director now directly owns 3,000 shares in the company, valued at approximately $72,180. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.48% of the company’s stock.
Several hedge funds have recently modified their holdings of FMBI. Highbridge Capital Management LLC increased its stake in shares of First Midwest Bancorp by 231.2% in the first quarter. Highbridge Capital Management LLC now owns 250,444 shares of the financial services provider’s stock valued at $5,931,000 after buying an additional 174,825 shares during the period. Teachers Advisors LLC increased its stake in shares of First Midwest Bancorp by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 852,375 shares of the financial services provider’s stock valued at $21,505,000 after buying an additional 17,355 shares during the period. Foundry Partners LLC increased its stake in shares of First Midwest Bancorp by 14.9% in the first quarter. Foundry Partners LLC now owns 449,429 shares of the financial services provider’s stock valued at $10,642,000 after buying an additional 58,405 shares during the period. State Street Corp increased its stake in shares of First Midwest Bancorp by 5.8% in the fourth quarter. State Street Corp now owns 2,350,108 shares of the financial services provider’s stock valued at $59,293,000 after buying an additional 128,467 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of First Midwest Bancorp by 10.5% in the fourth quarter. GSA Capital Partners LLP now owns 11,329 shares of the financial services provider’s stock valued at $286,000 after buying an additional 1,079 shares during the period. 73.66% of the stock is owned by hedge funds and other institutional investors.
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.
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