Brokerages expect First Midwest Bancorp Inc (NASDAQ:FMBI) to announce $192.33 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for First Midwest Bancorp’s earnings, with estimates ranging from $190.80 million to $194.50 million. First Midwest Bancorp posted sales of $175.09 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.8%. The firm is expected to report its next quarterly earnings report on Tuesday, January 28th.
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According to Zacks, analysts expect that First Midwest Bancorp will report full year sales of $751.48 million for the current financial year, with estimates ranging from $747.30 million to $754.60 million. For the next financial year, analysts expect that the firm will post sales of $803.63 million, with estimates ranging from $790.30 million to $811.80 million. Zacks’ sales calculations are an average based on a survey of analysts that follow First Midwest Bancorp.
First Midwest Bancorp (NASDAQ:FMBI) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. The firm had revenue of $193.74 million during the quarter, compared to analyst estimates of $191.95 million. First Midwest Bancorp had a return on equity of 9.51% and a net margin of 22.55%. During the same period last year, the firm posted $0.46 EPS.
A number of analysts have recently issued reports on FMBI shares. Stephens upgraded First Midwest Bancorp from an “equal” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $23.00 in a research report on Tuesday, October 8th. ValuEngine upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded First Midwest Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. DA Davidson dropped their price target on First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, BidaskClub upgraded First Midwest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $23.50.
Shares of FMBI stock traded up $0.23 on Thursday, hitting $22.06. 444,000 shares of the stock were exchanged, compared to its average volume of 538,187. The firm has a market capitalization of $2.40 billion, a PE ratio of 13.21 and a beta of 1.26. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.81. The firm’s 50 day moving average is $20.00 and its two-hundred day moving average is $20.17. First Midwest Bancorp has a one year low of $18.10 and a one year high of $24.00.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teza Capital Management LLC purchased a new position in shares of First Midwest Bancorp during the 2nd quarter valued at about $252,000. AdvisorNet Financial Inc purchased a new position in shares of First Midwest Bancorp during the 2nd quarter valued at about $31,000. Prudential Financial Inc. raised its holdings in shares of First Midwest Bancorp by 18.4% during the 2nd quarter. Prudential Financial Inc. now owns 597,565 shares of the financial services provider’s stock valued at $12,232,000 after buying an additional 93,060 shares in the last quarter. Pearl River Capital LLC purchased a new position in shares of First Midwest Bancorp during the 2nd quarter valued at about $88,000. Finally, Marshall Wace LLP purchased a new position in shares of First Midwest Bancorp during the 2nd quarter valued at about $3,789,000. 82.31% of the stock is currently owned by institutional investors.
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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