Zacks: Analysts Expect First Midwest Bancorp Inc (NASDAQ:FMBI) to Announce $0.50 EPS

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Equities analysts forecast that First Midwest Bancorp Inc (NASDAQ:FMBI) will report earnings per share of $0.50 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for First Midwest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.49 and the highest estimate coming in at $0.52. First Midwest Bancorp posted earnings per share of $0.48 during the same quarter last year, which would suggest a positive year over year growth rate of 4.2%. The company is scheduled to report its next quarterly earnings results on Tuesday, January 28th.

According to Zacks, analysts expect that First Midwest Bancorp will report full year earnings of $1.98 per share for the current financial year, with EPS estimates ranging from $1.97 to $2.00. For the next fiscal year, analysts expect that the firm will post earnings of $1.98 per share, with EPS estimates ranging from $1.88 to $2.03. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover First Midwest Bancorp.

First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. The company had revenue of $193.74 million during the quarter, compared to analyst estimates of $191.95 million. First Midwest Bancorp had a net margin of 22.55% and a return on equity of 9.51%. During the same quarter in the previous year, the firm earned $0.46 EPS.

FMBI has been the subject of several research analyst reports. Stephens upgraded shares of First Midwest Bancorp from an “equal” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $23.00 in a research report on Tuesday, October 8th. DA Davidson lowered their target price on First Midwest Bancorp from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. BidaskClub downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, ValuEngine upgraded shares of First Midwest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $23.50.

FMBI opened at $21.25 on Thursday. The firm’s fifty day simple moving average is $21.07 and its two-hundred day simple moving average is $20.25. First Midwest Bancorp has a 52-week low of $18.10 and a 52-week high of $24.00. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 12.72 and a beta of 1.27. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.81.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Friday, December 20th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.56 annualized dividend and a yield of 2.64%. First Midwest Bancorp’s dividend payout ratio is presently 33.53%.

Large investors have recently bought and sold shares of the business. Corvid Peak Capital Management LLC purchased a new position in First Midwest Bancorp in the second quarter valued at $24,224,000. Nuveen Asset Management LLC purchased a new stake in First Midwest Bancorp during the 2nd quarter worth about $20,951,000. Millennium Management LLC raised its position in First Midwest Bancorp by 1,566.9% in the 3rd quarter. Millennium Management LLC now owns 1,041,802 shares of the financial services provider’s stock valued at $20,294,000 after purchasing an additional 979,302 shares in the last quarter. Vanguard Group Inc. raised its position in First Midwest Bancorp by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 11,417,939 shares of the financial services provider’s stock valued at $233,725,000 after purchasing an additional 384,593 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in First Midwest Bancorp by 9.6% in the 2nd quarter. Macquarie Group Ltd. now owns 3,043,915 shares of the financial services provider’s stock valued at $62,309,000 after purchasing an additional 267,239 shares in the last quarter. Institutional investors and hedge funds own 82.33% of the company’s stock.

About First Midwest Bancorp

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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