Keefe, Bruyette & Woods Lowers First Mid Bancshares (NASDAQ:FMBH) to Market Perform

Keefe, Bruyette & Woods downgraded shares of First Mid Bancshares (NASDAQ:FMBH) from an outperform rating to a market perform rating in a research report released on Wednesday morning, Marketbeat reports. Keefe, Bruyette & Woods currently has $42.00 price target on the bank’s stock.

Separately, Hovde Group assumed coverage on shares of First Mid Bancshares in a research report on Wednesday, June 26th. They set an outperform rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $38.20.

First Mid Bancshares Stock Up 1.4 %

FMBH stock opened at $37.35 on Wednesday. First Mid Bancshares has a 1-year low of $25.73 and a 1-year high of $41.02. The business’s 50 day simple moving average is $38.59 and its 200 day simple moving average is $34.44. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $892.52 million, a PE ratio of 12.05 and a beta of 0.89.

First Mid Bancshares (NASDAQ:FMBH) last issued its quarterly earnings data on Thursday, August 1st. The bank reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.05. The company had revenue of $79.19 million for the quarter, compared to analyst estimates of $78.25 million. First Mid Bancshares had a net margin of 16.75% and a return on equity of 10.43%. As a group, research analysts anticipate that First Mid Bancshares will post 3.47 EPS for the current year.

First Mid Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, August 16th. This is a positive change from First Mid Bancshares’s previous quarterly dividend of $0.23. First Mid Bancshares’s dividend payout ratio is presently 30.97%.

Institutional Investors Weigh In On First Mid Bancshares

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of First Mid Bancshares by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 1,292,218 shares of the bank’s stock valued at $42,230,000 after acquiring an additional 85,434 shares during the period. Dimensional Fund Advisors LP lifted its position in First Mid Bancshares by 5.0% during the second quarter. Dimensional Fund Advisors LP now owns 778,135 shares of the bank’s stock worth $25,584,000 after purchasing an additional 36,769 shares during the period. American Century Companies Inc. lifted its position in First Mid Bancshares by 23.7% during the second quarter. American Century Companies Inc. now owns 340,343 shares of the bank’s stock worth $11,190,000 after purchasing an additional 65,314 shares during the period. Wellington Management Group LLP grew its stake in First Mid Bancshares by 5.9% during the fourth quarter. Wellington Management Group LLP now owns 294,666 shares of the bank’s stock worth $10,213,000 after buying an additional 16,388 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in First Mid Bancshares by 7.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 118,048 shares of the bank’s stock valued at $3,881,000 after buying an additional 7,849 shares during the period. Institutional investors and hedge funds own 47.57% of the company’s stock.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc, a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans, as well as construction and land development, 1-4 family residential properties, and multifamily residential properties loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.