First Mid Bancshares (NASDAQ:FMBH) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded First Mid Bancshares from “hold” to “strong-buy.” Other analysts’ views vary, and the consensus rating remains “Moderate Buy,” with an average price target of $55.50.
• The bank reported quarterly EPS of $1.26, beating the $1.14 consensus estimate, while revenue of $107.43 million came in slightly below expectations.
• Shares opened at $50.84, down 1.2%; institutional investors own 47.57% of the stock.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

Several other equities research analysts also recently weighed in on FMBH. DA Davidson raised their price target on shares of First Mid Bancshares from $53.00 to $56.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. Keefe, Bruyette & Woods increased their target price on First Mid Bancshares from $50.00 to $54.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Piper Sandler lifted their target price on First Mid Bancshares from $62.50 to $64.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Weiss Ratings lowered First Mid Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, First Mid Bancshares currently has an average rating of "Moderate Buy" and an average price target of $55.50.

First Mid Bancshares Stock Down 1.2%

NASDAQ:FMBH opened at $50.84 on Monday. The firm has a market cap of $1.35 billion, a P/E ratio of 11.71 and a beta of 0.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.95 and a current ratio of 0.95. First Mid Bancshares has a fifty-two week low of $35.33 and a fifty-two week high of $53.36. The firm has a 50-day simple moving average of $50.00 and a two-hundred day simple moving average of $46.17.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last issued its earnings results on Thursday, October 29th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. First Mid Bancshares had a net margin of 20.87% and a return on equity of 11.55%. The firm had revenue of $107.43 million for the quarter, compared to the consensus estimate of $108.47 million. Analysts predict that First Mid Bancshares will post 4.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in First Mid Bancshares in the second quarter worth about $114,252,000. Dimensional Fund Advisors LP grew its stake in shares of First Mid Bancshares by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,101,095 shares of the bank's stock valued at $45,354,000 after purchasing an additional 56,997 shares during the period. Wellington Management Group LLP grew its stake in shares of First Mid Bancshares by 13.7% during the 2nd quarter. Wellington Management Group LLP now owns 503,186 shares of the bank's stock valued at $24,198,000 after purchasing an additional 60,733 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of First Mid Bancshares during the 2nd quarter valued at about $9,906,000. Finally, Rhino Investment Partners Inc increased its position in shares of First Mid Bancshares by 23.1% during the 1st quarter. Rhino Investment Partners Inc now owns 157,581 shares of the bank's stock valued at $6,491,000 after purchasing an additional 29,579 shares during the last quarter. 47.57% of the stock is owned by hedge funds and other institutional investors.

About First Mid Bancshares

First Mid Bancshares, Inc is a financial services holding company headquartered in Mattoon, Illinois. Through its principal subsidiary, First Mid Bank & Trust, N.A., the company provides banking and related financial services to individuals, families, farmers, businesses and governmental entities.

First Mid Bank & Trust offers deposit accounts, consumer and commercial lending, agricultural loans, mortgage services, treasury and cash-management services, online and mobile banking, and other traditional banking products.

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