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

by · The Cerbat Gem

Keefe, Bruyette & Woods cut shares of First Mid Bancshares (NASDAQ:FMBH – Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $42.00 target price on the bank’s stock.

Separately, Hovde Group initiated coverage on First Mid Bancshares in a report on Wednesday, June 26th. They issued an outperform rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $38.20.

View Our Latest Research Report on FMBH

First Mid Bancshares Price Performance

First Mid Bancshares stock opened at $37.35 on Wednesday. The firm has a market capitalization of $892.52 million, a P/E ratio of 12.05 and a beta of 0.89. The business has a 50-day moving average of $38.55 and a 200-day moving average of $34.49. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48. First Mid Bancshares has a 1 year low of $25.73 and a 1 year high of $41.02.

First Mid Bancshares (NASDAQ:FMBH – Get Free Report) last issued its earnings results on Thursday, August 1st. The bank reported $0.84 EPS for the quarter, beating the consensus estimate of $0.79 by $0.05. The firm had revenue of $79.19 million during the quarter, compared to the consensus estimate of $78.25 million. First Mid Bancshares had a net margin of 16.75% and a return on equity of 10.43%. On average, equities analysts anticipate that First Mid Bancshares will post 3.47 EPS for the current year.

First Mid Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.24 dividend. 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. First Mid Bancshares’s dividend payout ratio is presently 30.97%.

Institutional Trading of First Mid Bancshares

A number of institutional investors have recently modified their holdings of FMBH. SG Americas Securities LLC grew its holdings in shares of First Mid Bancshares by 44.6% during the third quarter. SG Americas Securities LLC now owns 12,006 shares of the bank’s stock worth $467,000 after buying an additional 3,703 shares in the last quarter. Creative Planning lifted its position in shares of First Mid Bancshares by 2.1% in the second quarter. Creative Planning now owns 106,397 shares of the bank’s stock worth $3,498,000 after purchasing an additional 2,186 shares in the last quarter. AQR Capital Management LLC boosted its holdings in First Mid Bancshares by 106.4% during the second quarter. AQR Capital Management LLC now owns 31,333 shares of the bank’s stock worth $1,030,000 after purchasing an additional 16,150 shares during the last quarter. Renaissance Technologies LLC grew its position in First Mid Bancshares by 27.5% in the second quarter. Renaissance Technologies LLC now owns 13,000 shares of the bank’s stock valued at $427,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in First Mid Bancshares by 5.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 778,135 shares of the bank’s stock valued at $25,584,000 after buying an additional 36,769 shares during the last quarter. 47.57% of the stock is currently owned by institutional investors.

First Mid Bancshares Company Profile

(Get Free Report)

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.

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