SunTrust Banks Weighs in on First Midwest Bancorp Inc’s Q2 2020 Earnings (NASDAQ:FMBI)

First Midwest Bancorp Inc (NASDAQ:FMBI) – Equities research analysts at SunTrust Banks cut their Q2 2020 EPS estimates for shares of First Midwest Bancorp in a research report issued to clients and investors on Tuesday, June 30th. SunTrust Banks analyst M. Young now expects that the financial services provider will post earnings of $0.14 per share for the quarter, down from their previous estimate of $0.15. SunTrust Banks has a “Hold” rating and a $13.00 price target on the stock. SunTrust Banks also issued estimates for First Midwest Bancorp’s FY2020 earnings at $1.05 EPS, Q2 2021 earnings at $0.29 EPS, Q3 2021 earnings at $0.37 EPS, Q4 2021 earnings at $0.41 EPS and FY2021 earnings at $1.39 EPS.

First Midwest Bancorp (NASDAQ:FMBI) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.11). First Midwest Bancorp had a net margin of 19.76% and a return on equity of 8.10%. The firm had revenue of $182.94 million for the quarter, compared to analysts’ expectations of $182.33 million.

Other research analysts have also issued reports about the stock. Piper Sandler cut their target price on shares of First Midwest Bancorp from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, May 4th. Janney Montgomery Scott reissued a “buy” rating and issued a $13.50 price target on shares of First Midwest Bancorp in a research note on Sunday, June 21st. ValuEngine downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Zacks Investment Research downgraded shares of First Midwest Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, March 23rd. Finally, BidaskClub downgraded shares of First Midwest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, June 26th. Three analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $17.50.

Shares of NASDAQ:FMBI opened at $13.18 on Wednesday. First Midwest Bancorp has a 52-week low of $10.31 and a 52-week high of $23.64. The firm has a fifty day moving average of $13.07 and a 200 day moving average of $16.91. The firm has a market capitalization of $1.51 billion, a PE ratio of 7.53 and a beta of 1.27. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.02 and a current ratio of 1.02.

A number of institutional investors and hedge funds have recently made changes to their positions in FMBI. Point72 Hong Kong Ltd purchased a new stake in First Midwest Bancorp in the fourth quarter worth about $27,000. Aigen Investment Management LP bought a new position in First Midwest Bancorp during the first quarter valued at approximately $37,000. Versant Capital Management Inc lifted its position in First Midwest Bancorp by 221.5% during the first quarter. Versant Capital Management Inc now owns 3,463 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 2,386 shares during the period. Tower Research Capital LLC TRC bought a new position in First Midwest Bancorp during the fourth quarter valued at approximately $52,000. Finally, Mutual of America Capital Management LLC lifted its position in First Midwest Bancorp by 21.8% during the first quarter. Mutual of America Capital Management LLC now owns 4,775 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 855 shares during the period. Institutional investors and hedge funds own 80.70% of the company’s stock.

In other First Midwest Bancorp news, COO Mark G. Sander acquired 3,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $75,000.00. Following the completion of the acquisition, the chief operating officer now owns 3,000 shares in the company, valued at $75,000. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frank Blaise Modruson acquired 4,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was acquired at an average price of $14.64 per share, for a total transaction of $58,560.00. Following the acquisition, the director now owns 9,745 shares of the company’s stock, valued at approximately $142,666.80. The disclosure for this purchase can be found here. Insiders have purchased 12,400 shares of company stock worth $268,560 in the last quarter. 1.10% of the stock is owned by corporate insiders.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Friday, June 26th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend is Thursday, June 25th. First Midwest Bancorp’s dividend payout ratio is currently 28.28%.

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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