First Midwest Bancorp, Inc. (FMBI) Expected to Earn FY2017 Earnings of $1.38 Per Share

First Midwest Bancorp, Inc. (NASDAQ:FMBI) – Equities research analysts at Jefferies Group dropped their FY2017 earnings estimates for First Midwest Bancorp in a research report issued on Monday. Jefferies Group analyst C. Haire now forecasts that the financial services provider will post earnings of $1.38 per share for the year, down from their prior estimate of $1.40. Jefferies Group currently has a “Buy” rating and a $27.00 price target on the stock. Jefferies Group also issued estimates for First Midwest Bancorp’s Q4 2017 earnings at $0.34 EPS, Q1 2018 earnings at $0.34 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.40 EPS, Q4 2018 earnings at $0.39 EPS, FY2018 earnings at $1.50 EPS and FY2019 earnings at $1.63 EPS.

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

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

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a $0.10 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.72%. First Midwest Bancorp’s payout ratio is presently 33.61%.

In other First Midwest Bancorp news, Director Patrick J. Mcdonnell sold 3,500 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.85, for a total value of $76,475.00. Following the completion of the transaction, 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 the SEC website. 1.69% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FMBI. New York State Common Retirement Fund grew its position in shares of First Midwest Bancorp by 23.9% in the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock valued at $2,545,000 after buying an additional 21,099 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in shares of First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock valued at $4,447,000 after buying an additional 25,470 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of First Midwest Bancorp by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,483,563 shares of the financial services provider’s stock valued at $57,890,000 after buying an additional 380,112 shares during the last quarter. Cipher Capital LP grew its position in shares of First Midwest Bancorp by 153.6% in the 2nd quarter. Cipher Capital LP now owns 83,134 shares of the financial services provider’s stock valued at $1,938,000 after buying an additional 50,358 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of First Midwest Bancorp by 146.9% in the 1st quarter. Bank of America Corp DE now owns 861,479 shares of the financial services provider’s stock valued at $20,400,000 after buying an additional 512,609 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.

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

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