SunTrust Banks Analysts Reduce Earnings Estimates for First Midwest Bancorp, Inc. (FMBI)

First Midwest Bancorp, Inc. (NASDAQ:FMBI) – SunTrust Banks decreased their Q2 2018 earnings per share (EPS) estimates for First Midwest Bancorp in a report released on Sunday. SunTrust Banks analyst M. Young now forecasts that the financial services provider will earn $0.37 per share for the quarter, down from their previous forecast of $0.38. SunTrust Banks also issued estimates for First Midwest Bancorp’s Q4 2018 earnings at $0.42 EPS, FY2018 earnings at $1.55 EPS and FY2019 earnings at $1.75 EPS.

Several other research firms have also commented on FMBI. Zacks Investment Research raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Friday, July 7th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $26.00 target price on shares of First Midwest Bancorp in a report on Wednesday, October 4th. BidaskClub lowered shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $23.00 target price on shares of First Midwest Bancorp in a report on Thursday, October 26th. Finally, ValuEngine raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $25.83.

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First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. First Midwest Bancorp had a net margin of 18.08% and a return on equity of 7.89%. The company had revenue of $163.24 million for the quarter, compared to analysts’ expectations of $164.81 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share.

A number of institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in shares of First Midwest Bancorp by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 13,459 shares of the financial services provider’s stock valued at $314,000 after purchasing an additional 36 shares in the last quarter. Neuberger Berman Group LLC lifted its position in First Midwest Bancorp by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 10,303 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 77 shares during the period. Louisiana State Employees Retirement System lifted its position in First Midwest Bancorp by 0.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the financial services provider’s stock valued at $772,000 after acquiring an additional 100 shares during the period. Texas Permanent School Fund lifted its position in First Midwest Bancorp by 1.0% during the 2nd quarter. Texas Permanent School Fund now owns 59,270 shares of the financial services provider’s stock valued at $1,382,000 after acquiring an additional 581 shares during the period. Finally, Municipal Employees Retirement System of Michigan lifted its position in First Midwest Bancorp by 3.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,140 shares of the financial services provider’s stock valued at $446,000 after acquiring an additional 710 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $21.85, for a total value of $76,475.00. Following the sale, the director now owns 24,237 shares of the company’s stock, valued at approximately $529,578.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.69% of the stock is owned by company insiders.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Thursday, September 28th. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 33.61%.

First Midwest Bancorp Company Profile

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.

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

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