Brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to post $0.47 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with the highest EPS estimate coming in at $0.48 and the lowest estimate coming in at $0.46. First Midwest Bancorp reported earnings per share of $0.28 during the same quarter last year, which would suggest a positive year over year growth rate of 67.9%. The business is expected to announce its next quarterly earnings results after the market closes on Tuesday, January 22nd.
On average, analysts expect that First Midwest Bancorp will report full-year earnings of $1.66 per share for the current year. For the next fiscal year, analysts forecast that the firm will post earnings of $2.03 per share, with EPS estimates ranging from $1.93 to $2.19. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that follow First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.46 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.46. The firm had revenue of $167.69 million during the quarter, compared to the consensus estimate of $168.87 million. First Midwest Bancorp had a return on equity of 8.22% and a net margin of 17.04%. During the same period in the prior year, the business earned $0.37 EPS.
Several research firms have recently issued reports on FMBI. Stephens reissued a “hold” rating and issued a $24.00 price target on shares of First Midwest Bancorp in a research note on Wednesday, December 19th. Raymond James cut First Midwest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Monday, January 7th. Zacks Investment Research raised First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Friday, October 5th. ValuEngine cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, November 15th. Finally, BidaskClub cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.08.
FMBI traded up $0.17 during trading on Friday, reaching $21.22. 618,188 shares of the company were exchanged, compared to its average volume of 756,773. First Midwest Bancorp has a 52 week low of $18.10 and a 52 week high of $27.70. The company has a market cap of $2.24 billion, a P/E ratio of 15.72, a PEG ratio of 1.49 and a beta of 1.27. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.97 and a quick ratio of 0.97.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 8th. Stockholders of record on Friday, December 21st were paid a $0.12 dividend. This is a boost from First Midwest Bancorp’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, December 20th. This represents a $0.48 annualized dividend and a dividend yield of 2.26%. First Midwest Bancorp’s dividend payout ratio is presently 35.56%.
In other First Midwest Bancorp news, Director Frank Blaise Modruson purchased 4,444 shares of the firm’s stock in a transaction dated Monday, October 29th. The stock was bought at an average price of $22.53 per share, with a total value of $100,123.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.47% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vestor Capital LLC lifted its holdings in shares of First Midwest Bancorp by 18.6% in the third quarter. Vestor Capital LLC now owns 6,521 shares of the financial services provider’s stock valued at $173,000 after buying an additional 1,021 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of First Midwest Bancorp by 4.7% in the fourth quarter. State of Alaska Department of Revenue now owns 35,554 shares of the financial services provider’s stock valued at $704,000 after buying an additional 1,600 shares during the period. First Hawaiian Bank lifted its holdings in shares of First Midwest Bancorp by 13.5% in the fourth quarter. First Hawaiian Bank now owns 15,593 shares of the financial services provider’s stock valued at $309,000 after buying an additional 1,859 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of First Midwest Bancorp by 12.9% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,627 shares of the financial services provider’s stock valued at $655,000 after buying an additional 2,821 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of First Midwest Bancorp by 3.5% in the second quarter. Russell Investments Group Ltd. now owns 92,296 shares of the financial services provider’s stock valued at $2,352,000 after buying an additional 3,100 shares during the period. Institutional investors and hedge funds own 80.35% of the company’s stock.
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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