Analysts Expect First Midwest Bancorp Inc (FMBI) Will Announce Quarterly Sales of $169.25 Million

Equities research analysts forecast that First Midwest Bancorp Inc (NASDAQ:FMBI) will report sales of $169.25 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with the lowest sales estimate coming in at $167.50 million and the highest estimate coming in at $171.00 million. First Midwest Bancorp posted sales of $163.24 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.7%. The business is expected to report its next earnings report on Tuesday, October 23rd.

On average, analysts expect that First Midwest Bancorp will report full year sales of $662.58 million for the current year, with estimates ranging from $656.80 million to $667.10 million. For the next financial year, analysts expect that the company will report sales of $726.97 million per share, with estimates ranging from $714.50 million to $735.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. First Midwest Bancorp had a return on equity of 7.83% and a net margin of 15.12%. The firm had revenue of $165.39 million for the quarter, compared to the consensus estimate of $161.80 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. The firm’s revenue was up .7% on a year-over-year basis.

A number of brokerages have issued reports on FMBI. BidaskClub raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $30.00 target price on shares of First Midwest Bancorp in a research report on Thursday, July 26th. Piper Jaffray Companies upped their target price on First Midwest Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Stephens cut First Midwest Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Friday, June 8th. Finally, Zacks Investment Research cut First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $29.30.

In other First Midwest Bancorp news, Director Thomas M. Prame sold 2,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $27.07, for a total transaction of $60,907.50. Following the completion of the sale, the director now owns 38,524 shares of the company’s stock, valued at $1,042,844.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.47% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in FMBI. Rhumbline Advisers boosted its position in shares of First Midwest Bancorp by 1.4% in the first quarter. Rhumbline Advisers now owns 255,669 shares of the financial services provider’s stock valued at $6,287,000 after acquiring an additional 3,490 shares during the period. SG Americas Securities LLC bought a new stake in shares of First Midwest Bancorp in the first quarter valued at approximately $210,000. Boston Partners boosted its position in shares of First Midwest Bancorp by 41.5% in the first quarter. Boston Partners now owns 829,857 shares of the financial services provider’s stock valued at $20,406,000 after acquiring an additional 243,238 shares during the period. Victory Capital Management Inc. boosted its position in shares of First Midwest Bancorp by 18.2% in the first quarter. Victory Capital Management Inc. now owns 14,132 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 2,180 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of First Midwest Bancorp by 2.2% in the first quarter. Prudential Financial Inc. now owns 172,956 shares of the financial services provider’s stock valued at $4,253,000 after acquiring an additional 3,700 shares during the period. 82.82% of the stock is owned by hedge funds and other institutional investors.

First Midwest Bancorp stock traded down $0.56 during trading hours on Friday, reaching $26.51. 357,500 shares of the company were exchanged, compared to its average volume of 522,809. The stock has a market capitalization of $2.80 billion, a P/E ratio of 19.93, a PEG ratio of 2.33 and a beta of 1.14. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.62. First Midwest Bancorp has a 12 month low of $21.75 and a 12 month high of $27.70.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.44 dividend on an annualized basis and a yield of 1.66%. First Midwest Bancorp’s payout ratio is currently 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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