First Midwest Bancorp (FMBI) Expected to Post Earnings of $0.38 Per Share

Wall Street brokerages forecast that First Midwest Bancorp (NASDAQ:FMBI) will report $0.38 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for First Midwest Bancorp’s earnings. The lowest EPS estimate is $0.36 and the highest is $0.39. First Midwest Bancorp reported earnings per share of $0.34 in the same quarter last year, which suggests a positive year over year growth rate of 11.8%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Tuesday, April 24th.

According to Zacks, analysts expect that First Midwest Bancorp will report full-year earnings of $1.71 per share for the current fiscal year, with EPS estimates ranging from $1.66 to $1.75. For the next financial year, analysts expect that the firm will report earnings of $1.98 per share, with EPS estimates ranging from $1.94 to $2.03. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for First Midwest Bancorp.

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

A number of analysts have recently commented on the stock. ValuEngine lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Raymond James Financial raised shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 28th. UBS raised shares of First Midwest Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 28th. Zacks Investment Research lowered shares of First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Finally, BidaskClub raised shares of First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, February 10th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $26.67.

In other First Midwest Bancorp news, Director Robert P. Omeara sold 5,200 shares of the company’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $26.50, for a total transaction of $137,800.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael L. Scudder sold 5,000 shares of the company’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $26.15, for a total transaction of $130,750.00. Following the sale, the chief executive officer now directly owns 81,720 shares in the company, valued at $2,136,978. The disclosure for this sale can be found here. In the last three months, insiders sold 91,382 shares of company stock worth $2,388,662. 1.69% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zions Bancorporation bought a new stake in First Midwest Bancorp during the third quarter worth $112,000. Xact Kapitalforvaltning AB bought a new stake in First Midwest Bancorp during the fourth quarter worth $289,000. CIBC Asset Management Inc raised its position in First Midwest Bancorp by 63.6% during the fourth quarter. CIBC Asset Management Inc now owns 14,074 shares of the financial services provider’s stock worth $338,000 after acquiring an additional 5,471 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in First Midwest Bancorp during the fourth quarter worth $375,000. Finally, Telemus Capital LLC bought a new stake in First Midwest Bancorp during the fourth quarter worth $424,000. 83.68% of the stock is currently owned by hedge funds and other institutional investors.

Shares of FMBI stock opened at $24.30 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $2,569.01, a PE ratio of 18.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.12. First Midwest Bancorp has a 12 month low of $20.50 and a 12 month high of $26.55.

The firm also recently disclosed 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. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, March 22nd. This is a positive change from First Midwest Bancorp’s previous quarterly dividend of $0.10. First Midwest Bancorp’s payout ratio is currently 32.59%.

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

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