$169.25 Million in Sales Expected for First Midwest Bancorp Inc (FMBI) This Quarter

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

According to Zacks, analysts expect that First Midwest Bancorp will report full-year sales of $662.58 million for the current financial year, with estimates ranging from $656.80 million to $667.10 million. For the next financial year, analysts anticipate that the company will post sales of $726.97 million, with estimates ranging from $714.50 million to $735.00 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover First Midwest Bancorp.

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

A number of equities research analysts recently weighed in on FMBI shares. BidaskClub raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 22nd. Sandler O’Neill reaffirmed a “hold” rating and set a $28.50 price objective on shares of First Midwest Bancorp in a research report on Thursday, July 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $30.00 price objective on shares of First Midwest Bancorp in a research report on Thursday, July 26th. Zacks Investment Research raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Wednesday, July 18th. Finally, Piper Jaffray Companies upped their target price on shares of First Midwest Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. First Midwest Bancorp has a consensus rating of “Hold” and an average price target of $29.30.

Shares of NASDAQ:FMBI opened at $27.18 on Wednesday. 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 fifty-two week low of $22.03 and a fifty-two week high of $27.70. The stock has a market cap of $2.83 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 2.35 and a beta of 1.14.

The company 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 $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, September 27th. First Midwest Bancorp’s dividend payout ratio (DPR) is 32.59%.

In other First Midwest Bancorp news, Director Thomas M. Prame sold 2,250 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $27.07, for a total value of $60,907.50. Following the completion of the transaction, the director now owns 38,524 shares in the company, valued at approximately $1,042,844.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.47% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Adviser Investments LLC bought a new position in First Midwest Bancorp in the 1st quarter worth about $119,000. Summit Trail Advisors LLC grew its position in First Midwest Bancorp by 2,114.0% in the 1st quarter. Summit Trail Advisors LLC now owns 150,664 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 143,859 shares during the last quarter. SG Americas Securities LLC bought a new position in First Midwest Bancorp in the 1st quarter worth about $210,000. FSI Group LLC bought a new position in First Midwest Bancorp in the 2nd quarter worth about $214,000. Finally, Brown Advisory Inc. bought a new position in shares of First Midwest Bancorp in the first quarter valued at approximately $254,000. Hedge funds and other institutional investors own 82.45% of the company’s stock.

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

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