Brokerages Anticipate First Midwest Bancorp Inc (FMBI) Will Post Quarterly Sales of $186.08 Million

Brokerages expect that First Midwest Bancorp Inc (NASDAQ:FMBI) will report $186.08 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for First Midwest Bancorp’s earnings, with the highest sales estimate coming in at $189.70 million and the lowest estimate coming in at $182.40 million. First Midwest Bancorp reported sales of $164.35 million in the same quarter last year, which indicates a positive year-over-year growth rate of 13.2%. The business is scheduled to announce its next earnings results on Tuesday, July 23rd.

According to Zacks, analysts expect that First Midwest Bancorp will report full year sales of $750.50 million for the current fiscal year, with estimates ranging from $741.30 million to $758.10 million. For the next financial year, analysts expect that the firm will report sales of $800.78 million, with estimates ranging from $792.00 million to $817.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The company had revenue of $175.04 million for the quarter, compared to analyst estimates of $175.47 million. First Midwest Bancorp had a net margin of 22.44% and a return on equity of 9.33%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS.

Several research firms have recently commented on FMBI. BidaskClub raised shares of First Midwest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, March 29th. Piper Jaffray Companies set a $26.00 target price on shares of First Midwest Bancorp and gave the stock a “buy” rating in a research report on Friday, January 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $26.08.

In related news, CEO Michael L. Scudder sold 30,000 shares of First Midwest Bancorp stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $23.31, for a total transaction of $699,300.00. Following the completion of the transaction, the chief executive officer now directly owns 97,784 shares of the company’s stock, valued at approximately $2,279,345.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position in First Midwest Bancorp by 6.6% during the 1st quarter. BlackRock Inc. now owns 15,612,357 shares of the financial services provider’s stock valued at $319,430,000 after acquiring an additional 963,616 shares during the period. Vanguard Group Inc. lifted its position in First Midwest Bancorp by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 10,293,600 shares of the financial services provider’s stock valued at $273,707,000 after acquiring an additional 155,942 shares during the period. Dimensional Fund Advisors LP lifted its position in First Midwest Bancorp by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,034,930 shares of the financial services provider’s stock valued at $143,935,000 after acquiring an additional 56,749 shares during the period. Macquarie Group Ltd. lifted its position in First Midwest Bancorp by 0.9% during the 4th quarter. Macquarie Group Ltd. now owns 2,743,719 shares of the financial services provider’s stock valued at $54,353,000 after acquiring an additional 24,542 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in First Midwest Bancorp by 0.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,454,931 shares of the financial services provider’s stock valued at $50,228,000 after acquiring an additional 9,704 shares during the period. 82.25% of the stock is owned by institutional investors.

First Midwest Bancorp stock traded down $0.43 during trading hours on Wednesday, reaching $20.10. The stock had a trading volume of 705,069 shares, compared to its average volume of 531,402. First Midwest Bancorp has a 52 week low of $18.10 and a 52 week high of $27.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.55. The firm has a market cap of $2.15 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.46 and a beta of 1.25.

First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc operates as the 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; 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 consumer secured 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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