Zacks: Brokerages Expect First Midwest Bancorp Inc (FMBI) Will Post Quarterly Sales of $160.90 Million

Wall Street analysts expect First Midwest Bancorp Inc (NASDAQ:FMBI) to announce $160.90 million in sales for the current fiscal quarter, according to Zacks. Five analysts have made estimates for First Midwest Bancorp’s earnings, with the lowest sales estimate coming in at $159.20 million and the highest estimate coming in at $163.60 million. First Midwest Bancorp posted sales of $155.15 million in the same quarter last year, which suggests a positive year-over-year growth rate of 3.7%. The firm is expected to issue its next earnings results on Tuesday, April 24th.

On average, analysts expect that First Midwest Bancorp will report full-year sales of $160.90 million for the current financial year, with estimates ranging from $664.60 million to $678.90 million. For the next year, analysts forecast that the business will report sales of $714.98 million per share, with estimates ranging from $703.40 million to $737.90 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.

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First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a return on equity of 7.69% and a net margin of 14.59%. The company had revenue of $154.24 million during the quarter, compared to the consensus estimate of $162.84 million. During the same quarter last year, the company posted $0.32 earnings per share.

A number of analysts have recently weighed in on the stock. BidaskClub raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, February 10th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $29.00 target price on shares of First Midwest Bancorp in a research report on Tuesday, January 9th. Zacks Investment Research raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Friday, January 12th. Jefferies Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of First Midwest Bancorp in a research report on Friday, December 8th. Finally, Sandler O’Neill set a $26.00 target price on shares of First Midwest Bancorp and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $26.67.

In related news, Director Robert P. Omeara sold 5,000 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $26.50, for a total transaction of $132,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark G. Sander sold 42,328 shares of the stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $26.11, for a total transaction of $1,105,184.08. Following the sale, the insider now directly owns 234,017 shares in the company, valued at $6,110,183.87. The disclosure for this sale can be found here. Insiders sold a total of 91,382 shares of company stock worth $2,388,662 over the last ninety days. Insiders own 1.69% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in First Midwest Bancorp by 1.7% during the 4th quarter. BlackRock Inc. now owns 13,178,497 shares of the financial services provider’s stock valued at $316,416,000 after purchasing an additional 214,263 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Midwest Bancorp by 3.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,075,566 shares of the financial services provider’s stock valued at $142,290,000 after purchasing an additional 192,379 shares during the last quarter. Macquarie Group Ltd. grew its position in First Midwest Bancorp by 6.7% during the 4th quarter. Macquarie Group Ltd. now owns 2,739,049 shares of the financial services provider’s stock valued at $65,765,000 after purchasing an additional 171,119 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in First Midwest Bancorp by 74.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,690,454 shares of the financial services provider’s stock valued at $64,598,000 after purchasing an additional 1,146,492 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC grew its position in First Midwest Bancorp by 3.2% during the 4th quarter. Cramer Rosenthal Mcglynn LLC now owns 2,593,730 shares of the financial services provider’s stock valued at $62,275,000 after purchasing an additional 81,605 shares during the last quarter. 83.68% of the stock is currently owned by institutional investors.

Shares of First Midwest Bancorp (FMBI) traded down $0.81 during midday trading on Tuesday, reaching $23.90. 495,566 shares of the company’s stock traded hands, compared to its average volume of 503,312. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. First Midwest Bancorp has a 1-year low of $20.50 and a 1-year high of $26.55. The company has a market cap of $2,461.89, a price-to-earnings ratio of 24.90, a PEG ratio of 1.98 and a beta of 1.16.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Stockholders of record on Friday, March 23rd will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This is an increase from First Midwest Bancorp’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.84%. First Midwest Bancorp’s dividend payout ratio is currently 45.83%.

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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.

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

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