First Midwest Bancorp, Inc. (FMBI) Expected to Announce Earnings of $0.37 Per Share

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.

ILLEGAL ACTIVITY WARNING: This article was originally published by Chaffey Breeze and is the property of of Chaffey Breeze. If you are viewing this article on another publication, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this article can be accessed at https://www.chaffeybreeze.com/2017/07/29/first-midwest-bancorp-inc-fmbi-expected-to-announce-earnings-of-0-37-per-share-updated-updated-updated.html.

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.

Get a free copy of the Zacks research report on First Midwest Bancorp (FMBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for First Midwest Bancorp (NASDAQ:FMBI)

Receive News & Ratings for First Midwest Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Midwest Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply