Brokerages forecast that First Midwest Bancorp Inc (NASDAQ:FMBI) will report $174.05 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for First Midwest Bancorp’s earnings, with the highest sales estimate coming in at $176.90 million and the lowest estimate coming in at $172.40 million. First Midwest Bancorp reported sales of $154.24 million in the same quarter last year, which would suggest a positive year over year growth rate of 12.8%. The company is scheduled to report its next earnings results on Monday, February 4th.
According to Zacks, analysts expect that First Midwest Bancorp will report full-year sales of $661.82 million for the current year, with estimates ranging from $658.40 million to $667.10 million. For the next year, analysts expect that the company will post sales of $721.52 million, with estimates ranging from $715.30 million to $733.90 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.46 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. The business had revenue of $167.69 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.37 EPS.
NASDAQ FMBI traded down $1.18 during mid-day trading on Thursday, hitting $22.03. The stock had a trading volume of 674,776 shares, compared to its average volume of 516,855. First Midwest Bancorp has a twelve month low of $21.25 and a twelve month high of $27.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.51 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.02 and a beta of 1.18.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 8th. Shareholders of record on Friday, December 21st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.18%. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.11. The ex-dividend date is Thursday, December 20th. First Midwest Bancorp’s dividend payout ratio (DPR) is presently 32.59%.
In other news, Director Frank Blaise Modruson acquired 4,444 shares of First Midwest Bancorp stock in a transaction dated Monday, October 29th. The shares were acquired at an average cost of $22.53 per share, with a total value of $100,123.32. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.47% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in FMBI. FSI Group LLC acquired a new position in First Midwest Bancorp during the 2nd quarter valued at approximately $214,000. Stone Ridge Asset Management LLC bought a new stake in shares of First Midwest Bancorp in the 3rd quarter worth $281,000. Paloma Partners Management Co acquired a new stake in shares of First Midwest Bancorp during the third quarter worth $348,000. First Hawaiian Bank acquired a new stake in shares of First Midwest Bancorp during the third quarter worth $365,000. Finally, Victory Capital Management Inc. raised its position in shares of First Midwest Bancorp by 15.9% during the second quarter. Victory Capital Management Inc. now owns 16,378 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 2,246 shares during the period. Institutional investors and hedge funds own 80.38% 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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